secwatch.observer — SEC 8-K summary
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Issuer:     CADENCE DESIGN SYSTEMS INC (CDNS)
CIK:        0000813672
Form:       8-K
Filed at:   2022-09-08T23:59:59+00:00
Accession:  0000813672-22-000047
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 2.03, 5.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/813672/000081367222000047/0000813672-22-000047-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/813672/000081367222000047/cdns-20220907.htm
  HTML page:      https://secwatch.observer/filing/0000813672-22-000047

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer