Autodesk amends revolver, adds $500 million term loan for acquisition

Chicago, Dec. 20 – Autodesk, Inc. amended and restated its credit agreement, providing for a $650 million unsecured revolving loan facility maturing Dec. 17, 2023 and also entered into a new $500 million delayed-draw term loan due Dec. 19, 2020, according to an 8-K filing with the Securities and Exchange Commission.

The revolver amendment took place on Dec. 17 ahead of Autodesk’s $875 million acquisition of PlanGrid, Inc., which was completed on Dec. 19.

Revolving loans will bear interest at Libor plus a margin ranging from 90 basis points to 150 bps depending on the company’s public debt rating. The revolver has a facility fee on amounts committed, whether used or unused, ranging from 10 bps to 25 bps per annum, also depending on ratings.

The initial interest rate on the term loan is Libor plus 112.5 bps. The margin can range from 87.5 basis points to 162.5 bps, depending on the company’s public debt rating.

The amended revolving facility replaced the $400 million amended and restated facility dated May 29, 2015, which was terminated.

Autodesk may increase the commitments for revolving loans no more than once a year in minimum increments of $25 million, up to a maximum principal amount of $1 billion.

Proceeds from the revolver may be used for working capital and general corporate purposes. Proceeds from the term loan were to be used for the company’s merger with PlanGrid, the refinancing of PlanGrid’s debt and the payment and fees associated with the merger.

Citibank, NA is the administrative agent for both credit agreements.

The term loan was led by Citibank, U.S. Bank NA and Morgan Stanley Senior Funding, Inc. as joint lead arrangers and joint bookrunners. U.S. Bank was the syndication agent and Morgan Stanley the documentation agent.

The amended revolver was led by Citibank, U.S. Bank and MUFG Bank, Ltd. as joint lead arrangers and joint bookrunners. U.S. Bank was the syndication agent and MUFG the documentation agent.

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

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