Synopsys gets $500 million amended and restated credit facility

By Sara Rosenberg

New York, Feb. 22 - Synopsys Inc. closed on a $500 million amended and restated senior unsecured credit facility, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.

J.P. Morgan Securities LLC, Bank of America Merrill Lynch and Wells Fargo Securities LLC acted as the lead arrangers and bookrunners on the deal that was completed last Friday.

The facility consists of a $350 million revolver and a $150 million term loan.

Pricing on the revolver can range from Libor plus 97.5 basis points to 120 bps and the unused fee can range from 15 bps to 30 bps, based on leverage.

Pricing on the term loan can range from Libor plus 112.5 bps to 150 bps based on leverage as well.

There is a $150 million accordion feature.

Financial covenants include a maximum leverage ratio and minimum specified levels of cash.

Proceeds were used to refinance an existing term loan and help fund the acquisition of Magma Design Automation Inc. for $7.35 per share in cash.

Synopsis is a Mountain View, Calif.-based provider of software and IP used in the design, verification and manufacture of electronic components and systems. Magma is a San Jose, Calif.-based provider of chip design software.

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