Autodesk restates credit agreement for $400 million revolver due 2020

By Marisa Wong

Madison, Wis., May 29 – Autodesk, Inc. entered into an amended and restated credit agreement on Friday for a $400 million unsecured revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.

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

The credit agreement amends and restates Autodesk’s amended and restated credit agreement dated May 23, 2013.

The credit facility may be increased by up to an additional $100 million.

The revolving loans, which may be used for working capital and general corporate purposes, may be borrowed, repaid and reborrowed until May 29, 2020.

Borrowings will bear interest at Libor plus a margin of 90 basis points to 145 bps, depending on Autodesk’s public debt rating.

There is also a facility fee of 10 bps to 30 bps, also based on the public debt rating.

The credit agreement requires Autodesk to maintain a maximum debt to capitalization ratio and a minimum interest coverage ratio during the term of the credit facility.

No loans are currently outstanding under the credit agreement.

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

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