Company: CWAN
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001193125-25-058975
Chunk: 67

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 67
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 of the time the Transactions will be completed or as of any date other than the date of such opinion.
The Enfusion Board’s recommendation that Enfusion Stockholders vote in favor of the Merger Agreement Proposal and the Adjournment Proposal, however, are made as of the date of this Proxy Statement/Prospectus.

After the Transactions are completed, Enfusion Stockholders will have their rights as stockholders governed by Clearwater’s organizational documents.

Upon completion of the Transactions, Enfusion Stockholders will no longer be stockholders to Enfusion, but will instead
become Clearwater Stockholders. Former Enfusion Stockholders will instead have rights as Clearwater Stockholders that differ from the rights they had as Enfusion Stockholders before the Transactions. For a detailed comparison of the rights of
Clearwater Stockholders to the rights of Enfusion Stockholders, see the section titled “Comparison of Rights of Common Stockholders of Clearwater and Enfusion.”

After the completion of the Transactions, Clearwater will be more leveraged than it is currently and the financing arrangements that Clearwater will enter into may, under certain circumstances, contain restrictions and limitations that could impact its ability to operate its business.

In connection with the Transactions, Clearwater has obtained commitments of $1.0 billion in new debt financing (the “”), subject to customary conditions, to fund, together with cash on hand, the cash portion of the aggregate Merger Consideration payable under the Merger Agreement and fees and expenses related to the Transactions. After the
completion of the Transactions, Clearwater is expected to have consolidated indebtedness of approximately $0.8 billion. The increased indebtedness of Clearwater after the completion of the Transactions may have the effect, among other things,
of reducing the flexibility of Clearwater to respond to changing business and economic conditions, requiring Clearwater to use increased amounts of cash flow to service indebtedness and increasing Clearwater’s borrowing costs. Furthermore, the
interest payable on this new

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indebtedness is based on a floating rate, which exposes Clearwater to fluctuations in the prevailing interest rates applicable to such new indebtedness which may adversely affect
Clearwater’s cash flows.

In addition, Clearwater’s credit ratings impact the cost and availability of future borrowings, and,
as a result, Clearwater’s cost of capital. Clearwater’s ratings reflect each rating organization’s opinion of Clearwater’s financial strength, operating performance and ability to meet its debt obligations. Each of the ratings
organizations reviews Clearwater’s ratings periodically, and