Debt

9 Months Ended

Sep. 30, 2025

The following table summarizes our total indebtedness:


		September 30, 2025			December 31, 2024
Type	Maturity	Effective Interest Rate	Carrying Value		Effective Interest Rate	Carrying Value
Senior Secured Notes	2026	4.500%	100.0		4.500%	700.0
Senior Secured Notes	2028	3.875%	921.2		3.875%	921.2
Senior Notes	2029	4.875%	921.4		4.875%	921.4
Revolving Credit Facility	2029	6.913%	—		7.107%	—
Term Loan Facility (Tranche 1)	2031	6.913%	1,999.2		7.107%	1,999.2
Term Loan Facility (Tranche 2)	2031	7.413%	500.0		—%	—
Finance lease	2036	6.936%	28.4		6.936%	29.3
Total debt outstanding			$	4,470.2		$	4,571.1
Debt discounts and issuance costs			(49.7)			(51.1)
Current portion of long-term debt			(1.5)			(1.3)
Long-term debt			$	4,419.0		$	4,518.7

Senior Secured Notes (2026)

Interest on the Senior Secured Notes due 2026 is payable semi-annually to holders of record on May 1 and November 1 of each year. The Senior Secured Notes due 2026 are secured on a first-lien pari passu basis with borrowings under our credit facilities and Senior Secured Notes due 2028. These Notes are guaranteed on a joint and several basis by each of our indirect subsidiaries that is an obligor or guarantor under our credit facilities and are secured on a first-priority basis by the collateral now owned or hereafter acquired by Camelot Finance S.A. (the issuer) and each of the guarantors that secures the issuer’s and such guarantor’s obligations under our credit facilities (subject to permitted liens and other exceptions).

In May 2025, we used the proceeds from the incremental term loans (described below) to redeem $500.0 aggregate principal amount of the outstanding Senior Secured Notes due 2026, plus accrued and unpaid interest through the May 30, 2025 redemption date. In September 2025, we redeemed an additional $100.0 aggregate principal amount of the outstanding Senior Secured Notes due 2026, plus accrued and unpaid interest through the September 30, 2025 redemption date.

Senior Secured Notes (2028) and Senior Notes (2029)

Interest on the Senior Secured Notes due 2028 and the Senior Notes due 2029 is payable semi-annually to holders of record on June 30 and December 30 of each year. The Senior Secured Notes due 2028 are secured on a first-lien pari passu basis with borrowings under our credit facilities and Senior Secured Notes due 2026. Both series of notes are guaranteed on a joint and several basis by each indirect subsidiary that is an obligor or guarantor under our credit facilities and Senior Secured Notes due 2026.

The Credit Facilities

Revolving Credit Facility (2029)

Our $775.0 revolving credit facility provides for revolving loans, same-day borrowings, and letters of credit (with a sublimit of $77.0). Proceeds of loans made under the revolving credit facility may be borrowed, repaid, and reborrowed prior to maturity. As of September 30, 2025, letters of credit totaling $6.5 were collateralized by the revolving credit facility.

Term Loan Facility (2031)

Our $2,150.0 Tranche 1 term loans amortize in equal quarterly installments equivalent to a rate of 1.00% per annum, with the remaining balance due at maturity. Optional principal prepayments are applied against the scheduled quarterly installments in the order of upcoming maturities.

In May 2025, we entered into an incremental $500.0 tranche of term loans. These Tranche 2 term loans carry an interest rate margin of 325 basis points per annum in the case of loans bearing interest by reference to term SOFR and are not subject to amortization. The issuance proceeds were used to redeem a portion of the Senior Secured Notes due 2026 described above.

The carrying value of our variable interest rate debt, excluding unamortized debt issuance costs, approximates fair value due to the short-term nature of the interest rate benchmark rates. The fair value of our fixed rate debt is estimated based on market observable data for debt with similar prepayment features. As of September 30, 2025 and December 31, 2024, the fair value of our debt was $4,372.8 and $4,423.2, respectively, and is considered Level 2 under the fair value hierarchy.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

CLARIVATE PLC 10-Q