8-KMaterial AgreementsFinancial EventsExhibits & Filings

Autodesk, Inc. 8-K Report, Material Agreement (Aug 23, 2007)

Filed August 23, 2007For Securities:ADSK

Summary

This Form 8-K filing by Autodesk, Inc. (ADSK) on August 23, 2007, primarily reports the entry into a new $250 million unsecured revolving credit facility with Citibank, N.A., as agent, and other lenders. This facility, effective August 17, 2007, provides Autodesk with financial flexibility for working capital and general corporate purposes. It is available for borrowing, repayment, and reborrowing until August 17, 2012. Investors should note that no loans are currently outstanding under this facility, indicating a proactive approach to liquidity management by Autodesk. The credit agreement includes customary covenants and events of default, which are standard for such financing arrangements. The company's ability to secure this facility highlights its financial standing and access to credit markets at the time.

Key Highlights

  • 1Autodesk entered into a $250 million unsecured revolving credit facility with Citibank.
  • 2The facility is effective as of August 17, 2007, and matures on August 17, 2012.
  • 3Funds can be used for working capital and general corporate purposes.
  • 4The credit line allows for borrowing, repayment, and reborrowing.
  • 5No loans are currently outstanding under the new facility.
  • 6Interest rates will be based on either a base rate or London interbank market rates, plus a margin.
  • 7The agreement includes customary leverage and interest coverage ratio covenants.

Frequently Asked Questions

The primary purpose of this 8-K filing is to report Autodesk's entry into a material definitive agreement, specifically a new $250 million unsecured revolving credit facility.

The credit facility is for $250 million and has a term that allows for borrowing until August 17, 2012, at which point all borrowed amounts must be repaid.

No, as of the filing date, there are no loans currently outstanding under the $250 million revolving credit facility.

The credit agreement requires Autodesk to maintain a maximum leverage ratio and a minimum interest coverage ratio, in addition to customary affirmative and negative covenants that restrict certain corporate actions like mergers or asset disposals.