Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 226

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 226
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 Merger Consideration elected, the value per share of Enfusion Common Stock will be equalized in connection with the consummation of the Transactions such that the value of each Merger Consideration election will be substantially the same for each Eligible Share. An additional $30 million will also be paid to terminate the TRA. Upon Closing, Enfusion Common Stock, including treasury stock, will be delisted from the NYSE and deregistered under the Exchange Act as a result of the Transactions. The Transactions are expected to be completed in the second quarter of 2025, subject to approval by Enfusion Stockholders, the receipt of required regulatory approvals and other customary closing conditions. The Transactions will be accounted for as a business combination using the acquisition method of accounting in accordance with Accounting Standards Codification (“ ASC”) Topic 805, “Business Combinations” (“ ASC 805”) under U.S. GAAP, with Clearwater as the accounting acquirer. Clearwater is expected to be the accounting acquirer primarily based on the transfer of cash consideration by Clearwater to the former economic interest holders of Enfusion and the relative share ownership, voting rights, composition of the governing body, and the designation of certain senior management positions of the combined entity. Under this method of accounting, the purchase price of the Transactions will be allocated to the assets acquired and liabilities assumed based on their fair values at the Closing Date. The excess purchase price over the fair values of identifiable assets and liabilities will be recorded as goodwill. Financing In connection with the execution of the Merger Agreement, on January 10, 2025, Clearwater entered into the Debt Commitment Letter for a seven-year term loan credit agreement (“ 2025 Term Loan”) which provides 146

Clearwater with the ability to borrow up to $800 million at the consummation of the Transactions, subject to the satisfaction of customary closing conditions for similar facilities, for the purpose of financing a portion of the cash consideration and paying related fees and expenses in connection with the Transactions and the other transactions contemplated by the Merger Agreement. Clearwater will also enter into a revolving credit facility agreement that provides an unsecured $200 million revolving loan facility with a tenure of five years. Clearwater believes that no draw down on the revolving facility is required to complete the Transactions as cash on hand and the availability of funds under the 2025 Term Loan will provide sufficient cash availability to cover the anticipated requirement to fund the Transactions at the time of Closing. The unaudited pro forma condensed combined financial information assumes