secwatch.observer — SEC 8-K summary
======================================

Issuer:     CADENCE DESIGN SYSTEMS INC (CDNS)
CIK:        0000813672
Form:       8-K
Filed at:   2024-08-15T23:59:59+00:00
Accession:  0000813672-24-000162
Event type: debt
Sentiment:  neutral
Materiality: 0.40
Item codes: 1.01, 1.02, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Cadence signs $1.25B five-year credit facility, updates leverage covenant
-------------------------------------------------------------------------

- New $1.25B senior unsecured revolving credit facility replaces existing facility; maturity five years.
- Interest at Term SOFR plus 0.625%-1.125% (based on debt rating) plus 0.10% spread adjustment.
- Financial covenant: funded debt/EBITDA ≤3.50x (step-up to 4.00x for one year after ≥$250M acquisition).
- Also amended 2022 and 2024 loan agreements to align financial covenant; no outstanding borrowings under old facility.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/813672/000081367224000162/0000813672-24-000162-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/813672/000081367224000162/cdns-20240814.htm
  HTML page:      https://secwatch.observer/filing/0000813672-24-000162

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