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    ADSK   US0527691069

AUTODESK, INC.

(ADSK)
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Autodesk, Inc. Enters into Amended and Restated Credit Agreement

10/04/2021 | 06:09am EST

On September 30, 2021, Autodesk, Inc. (the “Company”) entered into an Amended and Restated Credit Agreement (the “Credit Agreement”) by and among the Company, the lenders from time to time party thereto and Citibank, N.A. (“Citibank”), as administrative agent, which provides for an unsecured revolving loan facility in the aggregate principal amount of $1,500,000,000. As of September 30, 2021, the Company had no outstanding revolving loans under the Credit Agreement. The Credit Agreement replaced and terminated the Company’s existing $650,000,000 Amended and Restated Credit Agreement dated as of December 17, 2018, among the Company, the lenders party thereto and Citibank, N.A., as administrative agent. The Credit Agreement permits the Company to increase the commitments for revolving loans under the Credit Agreement no more than twice a calendar year, up to a maximum aggregate principal amount of $2,000,000,000, subject to the satisfaction of certain customary conditions, including obtaining additional commitments from the lenders then party to the Credit Agreement or new lenders. The proceeds of the revolving loans under the Credit Agreement may be used by the Company for working capital and general corporate purposes. Revolving loans under the Credit Agreement will bear interest, at the Company’s option, at either (i) a per annum rate equal to the Base Rate (as defined below) plus a margin of between 0.000% and 0.375%, depending on the Company’s Public Debt Rating (as defined in the Credit Agreement), or (ii) a per annum rate equal to the rate at which dollar deposits are offered in the London interbank market, plus a margin of between 0.785% and 1.375%, depending on Company’s Public Debt Rating. The Credit Agreement includes customary provisions to provide for the eventual replacement of LIBOR as a benchmark interest rate. Under the Credit Agreement, the Company will pay to each lender a facility fee on a quarterly basis based on amounts committed (whether used or unused) under the revolving facility of between 0.090% and 0.250% per annum, depending on the Company’s Public Debt Rating. The Company is also obligated under the Credit Agreement to pay agent fees customary for a credit facility of this size and type. The Credit Agreement incorporates certain sustainability-linked mechanics. Specifically, the Company’s interest rate margin and facility fee are subject to upward or downward adjustments if the Company achieves, or fails to achieve, certain specified targets based on two key performance indicator metrics: (i) the amount of scope 1 and 2 greenhouse gas emissions from the global operations of the Company and its subsidiaries during a fiscal year less qualified emissions reduction instruments and (ii) the percentage of employees of the Company and its subsidiaries identifying as female working in technical roles. The Credit Agreement requires the Company to maintain a maximum leverage ratio of Consolidated Covenant Debt to Consolidated EBITDA (each as defined in the Credit Agreement) no greater than 3.50:1.00 during the term of the credit facility, subject to adjustment following the consummation of certain acquisitions up to 4.00:1.00 for up to four consecutive fiscal quarters. In addition, the Credit Agreement contains customary affirmative and negative covenants, including covenants that limit or restrict the ability of the Company and its subsidiaries to, among other things, grant liens on property, enter into certain mergers, dispose of all or substantially all of the assets of the Company and its subsidiaries, taken as a whole, materially change their business and incur subsidiary indebtedness, in each case subject to customary exceptions for a credit facility of this size and type.


ę S&P Capital IQ 2021
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Analyst Recommendations on AUTODESK, INC.
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Financials (USD)
Sales 2022 4 368 M - -
Net income 2022 565 M - -
Net Debt 2022 340 M - -
P/E ratio 2022 102x
Yield 2022 -
Capitalization 56 946 M 56 946 M -
EV / Sales 2022 13,1x
EV / Sales 2023 10,8x
Nbr of Employees 11 500
Free-Float 99,7%
Chart AUTODESK, INC.
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Autodesk, Inc. Technical Analysis Chart | ADSK | US0527691069 | MarketScreener
Technical analysis trends AUTODESK, INC.
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 22
Last Close Price 259,02 $
Average target price 329,38 $
Spread / Average Target 27,2%
EPS Revisions
Managers and Directors
Andrew Anagnost President, Chief Executive Officer & Director
Deborah Lynn Clifford Chief Financial Officer & Executive Vice President
Stacy J. Smith Non-Executive Chairman
Venmal Arasu Chief Technology Officer
Mary T. McDowell Independent Non-Executive Director
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