Bentley Systems enters $1.3 billion revolving credit facility maturing in 2029
Bentley Systems entered a Second Amended and Restated Credit Agreement with PNC Bank, National Association, as administrative agent, on October 18, 2024. The facility provides a $1.3 billion revolving credit line, with an option to increase it by up to $500 million, and it matures on October 18, 2029. The agreement is secured by substantially all of the company's assets and includes quarterly leverage and interest coverage requirements.
Key points
- Revolving facility of $1.3 billion, including $125 million in swingline loans and $125 million in letters of credit
- Maturity date of October 18, 2029, with a springing maturity 91 days before the company's convertible debt matures unless liquidity requirements are met
- Quarterly covenants require a Net Senior Secured Leverage Ratio no higher than 3.00 to 1.00 and a Minimum Interest Coverage Ratio of at least 3.00 to 1.00
- Commitment fee on unused amounts ranges from 0.2% to 0.3% per year, based on the Net Leverage Ratio
The filing
Written by AI on Nov 8, 2026, 1:11 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on October 22, 2024.
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