Cadence enters $300M term loan facility to repay OpenEye acquisition debt

CADENCE DESIGN SYSTEMS INC

$300M three-year senior unsecured term loan credit facility entered into on Sept 7, 2022.
Proceeds used to repay ~$300M existing borrowings that funded OpenEye Scientific Software acquisition.
Interest rate: Term SOFR + 0.625%-1.125% or Base Rate + 0.0%-0.125%, based on debt rating.
Also amended credit agreement to change fiscal year to calendar year (effective 2023) and switch benchmark from LIBOR to Term SOFR.

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