Autodesk covenant waived; amendments sought as business model changes

By Wendy Van Sickle

Columbus, Ohio, Jan. 19 – Autodesk, Inc. and the lenders under the company’s May 29, 2015 credit agreement on Wednesday waived the company’s requirement to comply with a maximum debt to capitalization ratio at the end of each fiscal quarter, according to an 8-K filing with the Securities and Exchange Commission.

As a result of a business model transition, Autodesk and the lenders, including administrative agent Citibank NA, are discussing amending the credit agreement’s financial covenants.

The company said it expects to conclude the amendment process during the first quarter of fiscal 2018.

Citibank, NA is the administrative agent.

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

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