Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 227

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 227
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 that the cash portion of the Transactions will be funded through a combination of cash on hand of Clearwater as of December 31, 2024, cash on hand of Enfusion as of December 31, 2024, and borrowings under the 2025 Term Loan. The total borrowings of $800 million under the 2025 Term Loan will be used to (a) finance the Transactions, (b) pay the costs of the Transactions, and (c) refinance Clearwater’s existing term loan. Debt issuance costs are expected to be incurred for the 2025 Term Loan and will be amortized over the agreement term. These assumptions and expectations are preliminary and subject to change, and the debt issuance costs to be incurred and related interest expense could vary significantly from what is assumed in the unaudited pro forma condensed combined financial information. Other factors that are subject to change include, but are not limited to, the timing of borrowings, the amount of cash on hand at the time of the Closing and interest rate determination on debt instruments issued. The unaudited pro forma condensed combined financial information was derived from and should be read in conjunction with:

| • |     | the accompanying notes to the unaudited pro forma condensed combined financial information; |

The unaudited pro forma condensed combined financial information should also be read together with the Management’s Discussion and Analysis of Financial Condition and Results of Operations of Clearwater and Enfusion included in their respective periodic reports filed with the SEC and incorporated by reference in this Proxy Statement/Prospectus. The unaudited pro forma condensed combined financial information should also be read together with other financial information related to the Transactions included elsewhere in this Proxy Statement/Prospectus, including the Merger Agreement. The unaudited pro forma condensed combined financial information is provided for informational purposes only and is not indicative of the operating results that would have occurred if the Transactions had been completed as of the dates set forth above, nor is it indicative of the future results of Clearwater following the Transactions. In determining the preliminary estimate of fair values of assets acquired and liabilities assumed of Enfusion, Clearwater used publicly available benchmarking information along with other relevant assumptions, including market participant assumptions. Fair value measurements can be highly subjective, and it is possible the application of reasonable judgment could develop different assumptions resulting in a range of alternative estimates using the same facts and circumstances. The purchase price allocation relating to the Transactions is 147

preliminary and subject to change, as additional information becomes available and as additional