Preferred Stock OfferingsBy Preferred Stock Channel Staff, updated Sun, August 14, 9:40 PM
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Slide #46. Clarivate Plc — Preferred Stock Offering
Clarivate Plc (NYSE:CLVT)
Date of Pricing:
Price Per Share:
Preferred Stock Offering Details:
Clarivate Plc (NYSE: CLVT), a global leader in providing trusted information and insights to accelerate the pace of innovation, announced today that it has commenced concurrent proposed offerings of $750 million of ordinary shares, alongside which certain existing shareholders intend to offer $250 million of ordinary shares (the "Ordinary Share Offering"), and $1.25 billion of Series A Mandatory Convertible preferred shares (the "convertible preferred shares") (the "Convertible Preferred Share Offering," and together with the Ordinary Share Offering, the "Offerings"). Neither the completion of the Ordinary Share Offering nor the Convertible Preferred Share Offering is contingent upon completion of the other. The Offerings are both subject to market and other conditions, and there can be no assurance as to whether or when either Offering may be completed, if at all, or as to the actual size or terms of either Offering. Clarivate intends to use the net proceeds from the Offerings to finance a portion of the purchase price for its pending acquisition of ProQuest, announced on May 17, 2021. None of the Offerings is conditioned on consummation of the ProQuest acquisition. If the ProQuest acquisition is not consummated, Clarivate intends to use the net proceeds received by it from the Offerings for general corporate purposes. -updated 6/10- Clarivate Plc (NYSE: CLVT), a global leader in providing trusted information and insights to accelerate the pace of innovation, announced today the pricing of concurrent offerings of 38,461,538 ordinary shares at a price to the public of $26.00 per share, of which 28,846,154 ordinary shares are being offered by Clarivate and 9,615,384 ordinary shares are being offered by certain existing shareholders (the "Ordinary Share Offering"), and 12,500,000 5.25% Series A Mandatory Convertible preferred shares (the "convertible preferred shares") at a price to the public of $100 per share (the "Convertible Preferred Share Offering," and together with the Ordinary Share Offering, the "Offerings"). Certain existing shareholders have granted the underwriters of the Ordinary Share Offering a 30-day option to purchase up to an additional 5,769,230 ordinary shares. Clarivate has granted the underwriters of the Convertible Preferred Share Offering a 30-day option to purchase up to an additional 1,875,000 convertible preferred shares solely to cover over-allotments, if any. The Offerings are expected to close on June 14, 2021, subject to customary closing conditions.
Clarivate is an information services and analytics company. Co. provides nformation and analytics to facilitate the discovery, protection and commercialization of scientific research, innovations and brands. Co.'s Science Product Group consists of Web of Science and Life Science product lines, which provide information that is delivered and embedded into the workflows of its customers, Co.'s IP Product Group consists of its Derwent, CompuMark and MarkMonitor Product Lines, which help manage customer's end-to-end portfolio of intellectual property from patents to trademarks to corporate website domains.
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Strong Buy (3.50 out of 4)
(ranked higher than approx. 55% of all stocks covered)
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