Cadence Design Systems said it entered into an underwriting agreement on September 4, 2024 with J.P. Morgan Securities LLC, BofA Securities, Inc. and HSBC Securities (USA) Inc., as representatives of the underwriters, for a public offering of $2.5 billion in senior notes.

1. 01

   Cadence Design Systems said it entered into an underwriting agreement on September 4, 2024 with J.P. Morgan Securities LLC, BofA Securities, Inc. and HSBC Securities (USA) Inc., as representatives of the underwriters, for a public offering of $2.5 billion in senior notes.

2. 02

   The company said the notes consist of $500 million at 4.200% due 2027, $1.0 billion at 4.300% due 2029, and $1.0 billion at 4.700% due 2034, with maturity dates of 2027, 2029 and September 10, 2034, respectively.

3. 03

   The company said the Notes will be its general unsecured senior obligations and will rank equal in right of payment with all of its existing and future senior indebtedness.

4. 04

   Cadence said it expects to use a portion of the net proceeds to repay its 3-year and 2-year senior non-amortizing term loans, and the remaining proceeds for general corporate purposes, including repaying its 4.375% senior notes due October 15, due 2024. The offering is expected to close on September 10, 2024.

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