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Synopsys | 8-K: Current report

SEC announcement ·  Feb 14 16:55
Summary by Moomoo AI
On February 13, 2024, Synopsys, Inc., a Delaware-incorporated company listed on the Nasdaq Global Select Market under the trading symbol SNPS, reported significant financial activities in a Form 8-K filed with the SEC. The company announced the entry into a Sixth Amendment to its Revolving Credit Agreement, which amends the previous credit agreement dated December 14, 2022. This amendment introduces changes to the financial covenants and other terms in anticipation of the completion of the acquisition of ANSYS, Inc. The Revolving Credit Agreement provides Synopsys with an $850 million multicurrency revolving loan facility and an additional uncommitted $150 million facility, with a maturity date of December 14, 2027. Additionally, Synopsys entered into a Term Loan Facility Credit Agreement, securing the ability to borrow up to $4.3 billion to...Show More
On February 13, 2024, Synopsys, Inc., a Delaware-incorporated company listed on the Nasdaq Global Select Market under the trading symbol SNPS, reported significant financial activities in a Form 8-K filed with the SEC. The company announced the entry into a Sixth Amendment to its Revolving Credit Agreement, which amends the previous credit agreement dated December 14, 2022. This amendment introduces changes to the financial covenants and other terms in anticipation of the completion of the acquisition of ANSYS, Inc. The Revolving Credit Agreement provides Synopsys with an $850 million multicurrency revolving loan facility and an additional uncommitted $150 million facility, with a maturity date of December 14, 2027. Additionally, Synopsys entered into a Term Loan Facility Credit Agreement, securing the ability to borrow up to $4.3 billion to finance a portion of the cash consideration for the ANSYS acquisition. The Term Loan Agreement is divided into two tranches with different maturity dates and interest rates based on Synopsys' credit ratings. The company also disclosed the termination of $4.3 billion of commitments under a senior bridge term loan, which was replaced by the Term Loan Agreement. These financial arrangements are part of Synopsys' strategy to finance the pending acquisition of ANSYS, Inc., as outlined in the Merger Agreement dated January 15, 2024.

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