Mentor Graphics Announces New $125 Million Revolving Credit Agreement
27 4월 2011 - 5:57AM
Business Wire
Mentor Graphics Corporation (NASDAQ:MENT) announced today that
it had entered into a new $125 million unsecured revolving credit
agreement (the “New Revolver”) with a syndicate of banks led by
Bank of America, N.A. and including Citibank, N.A., KeyBank
National Association, U.S. Bank National Association and HSBC Bank
USA, N.A. The New Revolver, which has a term of four years,
replaces a $100 million existing revolving credit agreement.
Under the New Revolver, Mentor Graphics has greater flexibility
to repurchase its stock and pay dividends because the prior
unsecured revolving credit agreement limited the company to
repurchasing no more than $15 million in stock and prohibited the
company from paying dividends. The New Revolver contains customary
terms including the ability of the company to choose interest rates
based on LIBOR or prime rate.
“We are delighted to enter into the new revolving credit
agreement, which is the final piece in the refinancing of Mentor’s
debt to allow us to return capital to our shareholders,” said
Gregory K. Hinckley, President of the Company. “The revolving
credit agreement it replaces was due to expire in June 2011 and we
would have had difficulty reaching a new revolving credit
agreement, much less achieving flexibility to return capital to our
shareholders, so long as our old convertible debt was outstanding.
It was this situation, together with favorable rates and terms,
that led to the decision to undertake the $253 million convertible
note offering that we completed earlier this month. With the new
convertible financing in place, we were then able to enter into the
new revolving credit agreement, which should allow us the
flexibility to return $150 million or more of capital to our
shareholders through repurchases of stock or payments of dividends
over the next three years.”
Important Information
On March 31, 2011, the company filed a definitive proxy
statement with the Securities and Exchange Commission (the “SEC”)
in connection with the company’s upcoming 2011 annual meeting of
shareholders. Shareholders are advised to read the company’s
definitive proxy statement, and any other relevant documents filed
by the company with the SEC, before making any voting or investment
decision because they contain important information. The definitive
proxy statement is, and any other relevant documents and other
material filed with the SEC concerning the company will be, when
filed, available free of charge at http://www.sec.gov and http://www.mentor.com/company/investor_relations.
In addition, copies of the proxy materials may be requested from
the company’s proxy solicitor, MacKenzie Partners, Inc., by
telephone at 1-800-322-2885 or by email at proxy@mackenziepartners.com.
Forward-Looking Statements
Statements in this press release regarding the company’s outlook
for future periods constitute “forward-looking” statements based on
current expectations within the meaning of the Securities Exchange
Act of 1934. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause the
actual results, performance or achievements of the company or
industry results to be materially different from any results,
performance or achievements expressed or implied by such
forward-looking statements. Such factors include, among others, the
following: (i) weakness or recession in the US, EU, Japan or other
economies; (ii) the company’s ability to successfully offer
products and services that compete in the highly competitive EDA
industry; (iii) product bundling or discounting of products and
services by competitors, which could force the company to lower its
prices or offer other more favorable terms to customers; (iv)
possible delayed or canceled customer orders, a loss of key
personnel or other consequences resulting from the business
disruption and uncertainty of prolonged proxy fights, offers to
purchase the company’s securities or other actions of activist
shareholders; (v) effects of the increasing volatility of foreign
currency fluctuations on the company’s business and operating
results; (vi) changes in accounting or reporting rules or
interpretations; (vii) the impact of tax audits by the IRS or other
taxing authorities, or changes in the tax laws, regulations or
enforcement practices where the company does business; (viii)
effects of unanticipated shifts in product mix on gross margin; and
(ix) effects of customer seasonal purchasing patterns and the
timing of significant orders, which may negatively or positively
impact the company’s quarterly results of operations, all as may be
discussed in more detail under the heading “Risk Factors” in the
company’s most recent Form 10-K or Form 10-Q. Given these
uncertainties, prospective investors are cautioned not to place
undue reliance on such forward-looking statements. The company
disclaims any obligation to update any such factors or to publicly
announce the results of any revisions to any of the forward-looking
statements to reflect future events or developments.
Mentor Graphics Corp. (NASDAQ:MENT)
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Mentor Graphics Corp. (NASDAQ:MENT)
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