Cadence Design Systems Inc.
Cadence Design Systems Announces $700 Million Credit Facility for BETA CAE Acquisition
Summary
On May 30, 2024, Cadence Design Systems, Inc. entered into a $700 million two-year senior unsecured term loan credit facility with Bank of America, N.A., to finance its acquisition of BETA CAE Systems International AG. The loan agreement includes customary covenants and a financial covenant requiring the company to maintain a funded debt to Consolidated EBITDA ratio not greater than 3.25 to 1. In connection with the acquisition, Cadence issued 1,740,931 shares of its common stock as partial consideration. The stock issuance was made in reliance on exemptions from registration under the Securities Act of 1933 and Regulation S.
Profitelligence Alerts
Get alerts for CDNS
Be first to know when Cadence Design Systems Inc. files with the SEC.
Filing Categories
Exhibits (1)
Advertisement
About Cadence Design Systems Inc.
Cadence Design Systems Inc. is a pivotal entity within the technology sector, specializing in electronic design automation (EDA) software and engineering services. Its software suite underpins the design process of integrated circuits (ICs) and electronic systems, streamlining tasks related to simulation, verification, and synthesis. A crucial tool for semiconductor companies, Cadence's products facilitate the creation of advanced electronic chips and devices, impacting industries such as telecommunications, consumer electronics, and automotive. As a key player in the semiconductor industry’s supply chain, Cadence has positioned itself as a leader in delivering cutting-edge design solutions that drive innovation and efficiency. By enabling rapid advancements in chip design, Cadence plays a vital role in propelling technological progress across various sectors.
Official SEC Documents
Advertisement