Cadence closes $2.5B senior notes offering, uses proceeds to prepay existing loans

CADENCE DESIGN SYSTEMS INC

Issued $2.5B in three tranches: $500M 4.200% due 2027, $1B 4.300% due 2029, $1B 4.700% due 2034.
Notes are unsecured senior obligations ranking equally with existing senior debt.
Used part of net proceeds to prepay in full and terminate two loan agreements with Bank of America.
Interest payable semi-annually March 10 and Sept 10, starting March 10, 2025.
Redemption includes make-whole prior to par call dates with spreads of 10-15 bps depending on tranche.

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