BENTLEY SYSTEMS INC 8-K

What Happened
Bentley Systems, Incorporated announced in an 8-K filed Apr 27, 2026 that on April 23, 2026 it entered a First Amendment and Incremental Facility Agreement with PNC Bank, as administrative agent, that amends its Oct 18, 2024 credit agreement to add a $550 million senior secured term loan. The Term Loan matures on October 18, 2029 (subject to a “springing” earlier maturity 91 days before the company’s convertible debt maturity unless specified liquidity tests are met).

Key Details

• $550 million incremental senior secured term loan added under the amended credit agreement.
• Maturity date: October 18, 2029 (with a potential springing maturity 91 days before the company’s convertible debt maturity unless liquidity conditions are satisfied).
• Interest: borrower’s option of Alternate Base Rate or Term SOFR plus a margin that varies with Bentley’s Net Leverage Ratio.
• Amortization: quarterly payments equal to 1.25% of the initial principal on the last business day of each fiscal quarter, commencing June 30, 2027; loans may be prepaid anytime without prepayment premiums.

Why It Matters
This amendment creates a material new debt facility that affects Bentley’s leverage profile, cash flow (due to quarterly amortization beginning mid‑2027), and interest expense (rates tied to its leverage). The senior secured nature and flexible prepayment terms are important factual points for investors assessing the company’s financing structure and near‑term liquidity obligations.