Autodesk gets $400 million amended, restated revolver due 2018

By Angela McDaniels

Tacoma, Wash., May 24 - Autodesk, Inc. entered into an amended and restated credit agreement on Thursday that provides for a $400 million revolving credit facility due May 26, 2018, according to an 8-K filing with the Securities and Exchange Commission.

The revolver has a $100 million accordion feature.

The interest rate is Libor plus 90 basis points to 145 bps. The commitment fee is 10 bps to 30 bps. Both depend on Autodesk's public debt rating.

The credit agreement amends and restates the company's May 26, 2011 credit agreement that provided for a $400 million line of credit facility due May 2016 with a $100 million accordion feature, an interest rate of Libor plus 125 bps to 200 bps and a commitment fee of 25 bps to 50 bps.

Borrowings under the amended and restated revolver may be used for working capital and general corporate purposes by Autodesk and its subsidiaries.

No loans are currently outstanding under the revolver.

The credit agreement requires Autodesk to maintain a maximum leverage ratio of 3 to 1 and a minimum interest coverage ratio of 3 to 1.

Citibank, NA is the administrative agent. Citigroup Global Markets Inc. and U.S. Bank NA are the joint lead arrangers and joint bookrunners.

Autodesk is a design software and services company based in San Rafael, Calif.

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