Bentley Systems closes $200M term loan

Bentley Systems Inc. on Dec. 22, 2021, entered into an amendment to its credit agreement to, among other things, provide for a new $200 million term loan due November 2025.

Pricing for the new term loan is tied to net leverage and is in a range of L+125-225. It amortizes at 2.5% per annum for the first two years, stepping to 5% in years three and four. The amendment also makes several other modifications to the credit agreement, including to the incremental credit facility and the benchmark replacement provisions.

PNC Bank is administrative agent.

The company also has a revolver due November 2025 totaling $850 million. It is subject to a leverage covenant.

Other outstanding debt at Bentley includes a $690 million issue of convertible notes due 2026 that was issued in January 2021 and $575 million of convertible notes due 2027 that were placed in June 2021.

Bentley Systems develops software for infrastructure design, construction and operations.