SYNOPSYS INC (SNPS): debt financing — Synopsys upsizes revolving credit facility to $850M and extends maturity to 2027

SYNOPSYS INC

Facility increased from $650M to $850M; maturity extended from Jan 2024 to Dec 14, 2027.
Borrower may further extend maturity at its option; uncommitted incremental facility of $150M available.
No outstanding balance under the credit agreement as of the amendment date.
Floating interest rates based on Adjusted Term SOFR plus margin of 0.785%-0.975%, or ABR.
Financial covenant: maximum Consolidated Leverage Ratio; other customary covenants and events of default.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

SYNOPSYS INC amended revolving credit of upsizes the existing senior unsecured revolving credit facility from $650 million to $850 million maturing December 14, 2027.

Instrument: revolving credit
Principal: upsizes the existing senior unsecured revolving credit facility from $650 million to $850 million
Maturity: December 14, 2027
Event: amendment

Exact text from the filing

The Fifth Amendment upsizes the existing senior unsecured revolving credit facility from $650 million to $850 million and extends the maturity date of such revolving credit facility from January 22, 2024 to December 14, 2027

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

SYNOPSYS INC amended Fifth Extension and Amendment Agreement valued at $850 million (effective 2022-12-14).

Action: amendment
Agreement: credit facility
Value: $850 million
Effective: 2022-12-14

Exact text from the filing

On December 14, 2022, Synopsys, Inc. (“ Synopsys ”) entered into a Fifth Extension and Amendment Agreement (the “ Fifth Amendment ”), which amends and restates Synopsys’ previous credit agreement, dated as of January 22, 2021 (as amended and restated, the “ Credit Agreement ”).

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Source: SEC EDGAR

accession 0001193125-22-304926

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