Cadence issues $2.5B senior notes in three tranches to repay debt

CADENCE DESIGN SYSTEMS INC

$500M at 4.200% due 2027, $1.0B at 4.300% due 2029, $1.0B at 4.700% due 2034.
Underwriting led by J.P. Morgan, BofA Securities, HSBC; close expected Sept 10, 2024.
Net proceeds to repay term loan facilities and 4.375% notes due Oct 2024, plus general corporate purposes.
Notes are unsecured senior obligations ranking equally with existing senior debt.

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