Autodesk, Inc. (NASDAQ:ADSK) Files An 8-K Entry into a Material Definitive Agreement

Autodesk, Inc. (NASDAQ:ADSK) Files An 8-K Entry into a Material Definitive Agreement

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Item 1.01. Entry into a Material Definitive Agreement.

On April 26, 2017, Autodesk, Inc. (Autodesk), Citibank, N.A.
(Citibank), U.S. Bank National Association, Bank of America,
N.A., JPMorgan Chase Bank, N.A., Wells Fargo Bank, National
Association, Morgan Stanley Bank, N.A. and the Bank of
Tokyo-Mitsubishi UFJ, Ltd. entered into Letter Amendment No. 1
(the Amendment) to the Amended and Restated Credit Agreement,
dated as of May 29, 2015 (the Credit Agreement), by and among
Autodesk, the lenders from time to time party thereto and
Citibank as administrative agent. The terms of the Credit
Agreement were described in and the Credit Agreement was attached
to Autodesks Current Report on Form 8-K filed with the Securities
and Exchange Commission on May 29, 2015.
The Amendment amends the Credit Agreement to, among other
matters:
(i)
replace the maximum debt to capitalization ratio with a
maximum debt to total cash ratio of (a) 2.00 to 1.00 for
the fiscal quarters ending April 30, 2017, July 31, 2017
and October 31, 2017, (b) 2.60 to 1.00 for the fiscal
quarters ending January 31, 2018, April 30, 2018, July 31,
2018, October 31, 2018, January 31, 2019 and April 30,
2019, and (c) 2.00 to 1.00 for the fiscal quarter ending
July 31, 2019 and thereafter;
(ii)
provide that the minimum interest coverage ratio will not
apply for the fiscal quarters ending April 30, 2017, July
31, 2017, October 31, 2017, January 31, 2018 and April 30,
2018; and provide further that a minimum interest coverage
ratio of 2.50 to 1.00 will apply for the fiscal quarter
ending July 31, 2018 and 3.00 to 1.00 for the fiscal
quarter ending October 31, 2018 and thereafter; and
(iii)
add a fixed charge coverage ratio at all times from and
after April 30, 2017 until and including April 30, 2018 of
greater than 1.00 to 1.00. The fixed charge coverage ratio
is calculated based on the ratio of (a) the sum of 50% of
domestic cash plus 65% of foreign cash to (b) specified
charges including consolidated interest expense and income
taxes payable by Autodesk and its subsidiaries.
Citibank and the lender parties to the Credit Agreement and the
Amendment, and certain of their respective affiliates, have
provided, and in the future may provide, financial, banking and
related services to Autodesk. These parties have received, and in
the future may receive, compensation from Autodesk for these
services.


About Autodesk, Inc. (NASDAQ:ADSK)

Autodesk, Inc. (Autodesk) is a design software and services company, offering customers productive business solutions through technology products and services. The Company serves customers in the architecture, engineering and construction; manufacturing, and digital media, consumer and entertainment industries. It operates in four segments: Architecture, Engineering and Construction (AEC), Platform Solutions and Emerging Business (PSEB), Manufacturing (MFG), and Media and Entertainment (M&E). The PSEB, AEC and MFG segments offer a range of services, including consulting, support and training. The M&E segment offers software products to professionals, post-production facilities and broadcasters for a range of applications. Its software products enable its customers to experience their ideas before they are real by allowing them to imagine, design and create their ideas and to visualize, simulate and analyze real-world performance in the design process by creating digital prototypes.

Autodesk, Inc. (NASDAQ:ADSK) Recent Trading Information

Autodesk, Inc. (NASDAQ:ADSK) closed its last trading session down -0.56 at 90.07 with 1,168,152 shares trading hands.

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