Bentley Systems, Incorporated Enters into Amended and Restated Credit Agreement
January 26, 2021 at 05:10 pm EST
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On January 25, 2021, Bentley Systems, Incorporated entered into a second amendment (the “Second Amendment”) to the Amended and Restated Credit Agreement, dated as of December 19, 2017, by and among the Company, PNC Bank National Association, as administrative agent, and the lenders party thereto. The Second Amendment provides for, among other things, (i) amendments to permit the issuance and sale of the Notes and the Capped Call Transactions, (ii) an increase in the aggregate revolving commitments to $850 million, (iii) an extension of the maturity date to November 15, 2025, (iv) revised pricing terms (determined with reference to net leverage ratio) for loans made under the credit facility, (v) replacement of the net leverage ratio financial covenant with a senior secured net leverage ratio financial covenant, (vi) the addition of hardwired LIBOR fallback provisions and (vii) modifications to the negative covenants to provide for, among other things, increased capacity for the incurrence of unsecured debt and making of investments.
Bentley Systems, Incorporated is an infrastructure engineering software company. The Company offers solutions for enterprises and professionals across the infrastructure lifecycle. Its software enables digital workflows across engineering disciplines, across distributed project teams, and from offices to the field. Its offerings are powered by the iTwin Platform for infrastructure digital twins, include MicroStation and Bentley Open applications for modeling and simulation, Seequentâs software for geoprofessionals, and Bentley Infrastructure Cloud encompassing ProjectWise for project delivery, SYNCHRO for construction management, and AssetWise for asset operations. Its engineering and geoprofessional applications are primarily cloud-connected desktop modeling and simulation applications. Its software solutions are used by professionals, and organizations of every size, for the design, construction, and operations of roads and bridges, rail and transit, and water and wastewater, others.