--- schema_version: "secwatch.filing_event.v1" accession: "0000950170-23-000061" form_type: "8-K" ticker: "PTC" cik: "0000857005" company_name: "PTC INC." filed_at: "2023-01-03T23:59:59+00:00" generated_at: "2026-06-20T21:08:46.596983+00:00" event_type: "m_and_a" sentiment: "neutral" materiality_score: 0.7 calibrated_materiality_score: 0.7 confidence: "high" source: SEC EDGAR --- # PTC completes $1.485B acquisition of ServiceMax; enters new $1.75B credit facility ## Summary - Completed acquisition of ServiceMax, Inc. on Jan 3, 2023 for total consideration of $1.485 billion, with $835M paid at closing. - Remaining $650M purchase installment due Oct 2, 2023, without interest. - Entered Fourth Amended and Restated Credit Agreement: $1.25B revolver and $500M term loan, maturing Jan 3, 2028. - Borrowed $630M under revolver and $500M under term loan to repay prior credit facility and fund acquisition. - Terminated prior $359M credit facility; new facility includes covenants: total leverage ≤4.50x, secured leverage ≤3.00x. ## SEC filing metadata - accession: 0000950170-23-000061 - form_type: 8-K - ticker: PTC - cik: 0000857005 - company_name: PTC INC. - filed_at: 2023-01-03T23:59:59+00:00 - event_type: m_and_a - sentiment: neutral - materiality_score: 0.7 - calibrated_materiality_score: 0.7 - confidence: high - sec_items: 1.01, 1.02, 2.01, 2.03, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/857005/000095017023000061/0000950170-23-000061-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/857005/000095017023000061/ptc-20230103.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0000950170-23-000061 - JSON: https://secwatch.observer/filing/0000950170-23-000061.json - Plain text: https://secwatch.observer/filing/0000950170-23-000061.txt ## Key facts - Debt Financings PTC INC. incurred term loan of $500 million term loan credit facility with JPMorgan Chase Bank, N.A. as Administrative Agent and the Lenders named therein at Interest rates for the credit facilities will be determined at the option of PTC maturing Each of the revolving credit facility and the term loan credit facility will mature on the earlier of (i) January 3, 2028 (the “Stated Maturity Date”) and (ii). - Instrument: term loan - Principal: $500 million term loan credit facility - Counterparty: JPMorgan Chase Bank, N.A. as Administrative Agent and the Lenders named therein - Rate: Interest rates for the credit facilities will be determined at the option of PTC - Maturity: Each of the revolving credit facility and the term loan credit facility will mature on the earlier of (i) January 3, 2028 (the “Stated Maturity Date”) and (ii) - Event: incurrence source text: The new credit facility consists of (i) a $1.25 billion revolving credit facility, (ii) a $500 million term loan credit facility, and (iii) an incremental facility pursuant to which PTC may incur additional term loan tranches or increase its revolving credit facility by an amount of up to (a) the greater of $766 million and 10% of consolidated EBITDA, plus (b) an additional amount subject to a ratio of first lien secured indebtedness to consolidated EBITDA of PTC and its subsidiaries of not greater than 1.75 to 1.00 on a pro forma basis. evidence_url: https://www.sec.gov/Archives/edgar/data/857005/000095017023000061/0000950170-23-000061-index.htm - Debt Financings PTC INC. incurred revolving credit of $1.25 billion revolving credit facility with JPMorgan Chase Bank, N.A. as Administrative Agent and the Lenders named therein at Interest rates for the credit facilities will be determined at the option of PTC maturing Each of the revolving credit facility and the term loan credit facility will mature on the earlier of (i) January 3, 2028 (the “Stated Maturity Date”) and (ii). - Instrument: revolving credit - Principal: $1.25 billion revolving credit facility - Counterparty: JPMorgan Chase Bank, N.A. as Administrative Agent and the Lenders named therein - Rate: Interest rates for the credit facilities will be determined at the option of PTC - Maturity: Each of the revolving credit facility and the term loan credit facility will mature on the earlier of (i) January 3, 2028 (the “Stated Maturity Date”) and (ii) - Event: incurrence source text: The new credit facility consists of (i) a $1.25 billion revolving credit facility, (ii) a $500 million term loan credit facility, and (iii) an incremental facility pursuant to which PTC may incur additional term loan tranches or increase its revolving credit facility by an amount of up to (a) the greater of $766 million and 10% of consolidated EBITDA, plus (b) an additional amount subject to a ratio of first lien secured indebtedness to consolidated EBITDA of PTC and its subsidiaries of not greater than 1.75 to 1.00 on a pro forma basis. evidence_url: https://www.sec.gov/Archives/edgar/data/857005/000095017023000061/0000950170-23-000061-index.htm - M&A Transactions PTC INC. completed an acquisition involving ServiceMax, Inc. (closed 2023-01-03). - Action: acquisition - Counterparty: ServiceMax, Inc. - Closing: 2023-01-03 source text: On January 3, 2023, PTC completed its acquisition of ServiceMax, Inc. pursuant to the Share Purchase Agreement dated November 17, 2022 by and among PTC, ServiceMax, Inc., and ServiceMax JV, LP evidence_url: https://www.sec.gov/Archives/edgar/data/857005/000095017023000061/0000950170-23-000061-index.htm - Material Agreements PTC INC. entered into Amended Senior Credit Agreement with JPMorgan Chase Bank, N.A. as Administrative Agent and the Lenders named therein valued at $1.25 billion revolving credit facility and $500 million term loan credit facility (effective 2023-01-03). - Action: entry - Agreement: credit facility - Counterparty: JPMorgan Chase Bank, N.A. as Administrative Agent and the Lenders named therein - Value: $1.25 billion revolving credit facility and $500 million term loan credit facility - Effective: 2023-01-03 source text: On January 3, 2023, PTC Inc. (“PTC”) entered into a Fourth Amended and Restated Credit Agreement (the “Amended Senior Credit Agreement”) with JPMorgan Chase Bank, N.A. as Administrative Agent and the Lenders named therein, which Amended Senior Credit Agreement amended and restated in its entirety PTC’s existing senior credit facility (the “Existing Credit Agreement”). evidence_url: https://www.sec.gov/Archives/edgar/data/857005/000095017023000061/0000950170-23-000061-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.