Bentley Systems Enters $1.3 Billion Credit Agreement

Bentley Systems, Incorporated, a leading company in providing software solutions for infrastructure engineering, disclosed in a recent SEC filing that it has entered into a Second Amended and Restated Credit Agreement. The agreement, dated October 18, 2024, involves the company, various lenders, and PNC Bank, National Association, serving as the administrative agent.

Under the terms of the Credit Agreement, Bentley Systems gains access to a $1.3 billion revolving credit facility known as the Revolving Facility. This arrangement includes provisions for $125 million in swingline loans and $125 million in letters of credit. Additionally, the company has the flexibility to increase the facility by up to an additional $500 million in revolving indebtedness and incremental term loans.

The Revolving Facility is set to mature on October 18, 2029, with the option for an earlier maturity date, subject to specific liquidity requirements. The agreement allows for voluntary prepayments without incurring any prepayment penalties. Interest on borrowings under the Revolving Facility can be based on the Alternate Base Rate or Term SOFR Rate, with a margin determined by the company’s Net Leverage Ratio.

Moreover, Bentley Systems is obligated to pay a commitment fee based on the unused commitments under the Revolving Facility, ranging from 0.2% to 0.3% per annum, contingent on the company’s Net Leverage Ratio. All obligations stemming from the Credit Agreement are unconditionally guaranteed by the company’s first-tier wholly-owned Material Domestic Subsidiaries, known as the “Guarantors,” and are secured by the majority of the company’s current and future property and assets.

The Credit Agreement includes standard events of default, affirmative and negative covenants, and requirements for the company to maintain specific financial ratios on a quarterly basis. These ratios involve a Net Senior Secured Leverage Ratio not exceeding 3.00 to 1.00 and a Minimum Interest Coverage Ratio of at least 3.00 to 1.00.

This disclosure is a brief summary of the Credit Agreement and should not be considered comprehensive. Interested parties can access the full Credit Agreement filed as Exhibit 10.1 in Bentley Systems’ Current Report on Form 8-K, available for reference on the SEC’s website.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Bentley Systems’s 8K filing here.

Bentley Systems Company Profile

Bentley Systems, Incorporated, together with its subsidiaries, provides infrastructure engineering software solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company offers open modeling engineering applications, such as MicroStation, OpenBridge, OpenBuildings, OpenCities, OpenComms, OpenFlows, OpenPlant, OpenRail, OpenRoads, OpenSite, OpenTower, OpenTunnel, OpenUtilities, and OpenWindowPower; and open simulation engineering applications, including ADINA, AutoPIPE, CUBE, DYNAMEQ, EMME, LEGION, Power Line Systems, RAM, SACS, SPIDA, and STAAD; and geoprofessional applications for modeling and simulation of near and deep subsurface conditions, including AGS, Central, GeoStudio, Imago, Leapfrog, MX Deposit, Oasis montaj, OpenGround, and PLAXIS.