It refers to the script, as in Wiktionary definition 6 or Merriam-Webster definition 6:
> The script of a musical or opera.
Looking at the Wikipedia page for the Bonnie and Clyde musical):
> Bonnie & Clyde is a musical with music by Frank Wildhorn, lyrics by Don Black and a book by Ivan Menchell.
So Ivan Menchell wrote the script to the Bonnie and Clyde musical, but not the music or lyrics.