Company: CWAN
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001628280-25-021833
Chunk: 72

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 8
Chunk 72
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 under the TRA.

Note 15. Subsequent Events

On April 21, 2025, the Company completed its previously announced acquisition of all outstanding stock of Enfusion, Inc (NYSE: ENFN) (“Enfusion”), a leader in SaaS solutions for the investment management and hedge fund industry. The acquisition date fair value of the consideration transferred for Enfusion was approximately $1.4 billion, comprising of $0.8 billion in cash, approximately 28 million shares of Class A common stock with fair value of $0.6 billion, and a payment of $30 million made in connection with the termination of Enfusion’s tax receivable agreement with Enfusion’s historic equity holders. Additionally, outstanding restricted stock units of Enfusion that were unvested at the time the acquisition was consummated were assumed by the Company and converted into restricted stock awards of the Company.In connection with the closing of the acquisition of Enfusion, certain subsidiaries of the Company entered into a Credit Agreement, dated as of April 21, 2025 (the “2025 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. Pursuant to the 2025 Credit Agreement, the Lenders have provided to the Borrower initial term loans due 2033 in an aggregate principal amount equal to $800 million (the “2025 Term Loan”) and revolving commitments in an aggregate principal amount of $200 million with a tenure of 5 years, which includes a $20 million letter of credit and $20 million of swingline loans (the “2025 Revolving Facility”). The interest rate applicable to the loans under the 2025 Term Loan is Secured Overnight Financing Rate (“SOFR”) plus 2.25% and 2025 Revolving Facility is SOFR plus 2.00%. This 2025 Credit Agreement replaces the Prior Credit Agreement and the debt balance under the Prior Credit Agreement was repaid contemporaneously. On April 28, 2025, one of our Principal Equity Owners, Permira, gave notice to exchange all of its 7,983,533 shares of Class D common stock into equal number of shares of Class A common stock. No