Company: CWAN
Filing Date: 2025-04-21
Form Type: 8-K
Source: 0001193125-25-087277
Chunk: 0

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-04-21
Form: 8-K
Item: Item 1.01
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Item 1.01.      Entry into a Material Definitive Agreement.  

In connection with the consummation of the Mergers, certain subsidiaries of Clearwater entered into a Credit Agreement, dated as of April 21, 2025 (the “ Credit Agreement”), by and among CWAN Acquisition, LLC, a Delaware limited liability company (“ Holdings”), Clearwater Analytics, LLC, a Delaware limited liability company (the “ Borrower”), the lenders party thereto from time to time (the “ Lenders”) and JPMorgan Chase Bank, N. A., as administrative agent and collateral agent. Capitalized terms used in this Item 1.01 but not otherwise defined herein shall have the meanings provided to such terms in the Credit Agreement.

Pursuant to the Credit Agreement, the Lenders have provided to the Borrower Initial Term Loans in an aggregate principal amount equal to $800 million and Revolving Commitments in an aggregate principal amount of $200 million, which includes a $20 million Letter of Credit and $20 million of Swingline Loans. The Initial Term Loans and Revolving Loans will bear interest at a rate per annum based upon, at the Borrower’s option, the Term SOFR or the Alternate Base Rate, plus, in each case, a leverage-based margin.

The proceeds of the Initial Term Loans, together with the proceeds of the Revolving Loans drawn on the Closing Date and cash on hand of Enfusion, were used in part on the Closing Date in connection with funding the acquisition of Enfusion (including repaying and terminating (x) the Clearwater Existing Credit Agreement (as defined below) and (y) the Credit Agreement, dated as of September 15, 2023, by and among Enfusion OpCo, Enfusion, the guarantors party thereto, the lenders party thereto and Bank of America, N. A., as administrative agent, swing line lender and letter of credit issuer) and the fees and expenses incurred in connection therewith, and the remainder of such proceeds will be used for general corporate purposes. The proceeds of the Revolving Loans will be used by the Borrower after the Closing Date for working capital and general corporate purposes, as well as to fund the Company’s previously announced acquisition of Beacon Platform Incorporated, a Delaware corporation.

Commencing with the fiscal quarter ending December 31, 2025, and subject to customary adjustments, the Borrower will be required to repay on the last Business Day of each of its fiscal quarters prior to the Initial Term