UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 1.01 | Entry into a Material Definitive Agreement |
On June 21, 2023, Bentley Systems, Incorporated (the “Company”) entered into a Sixth Amendment to Amended and Restated Credit Agreement by and among the Company, certain of its subsidiaries, PNC Bank, National Association, as administrative agent, and the lenders party thereto (“Sixth Amendment”) in connection with the Amended and Restated Credit Agreement, dated as of December 19, 2017, by and among the Company, PNC Bank, National Association, as administrative agent, and the lenders from time to time party thereto (as previously amended, the “Credit Facility”).
The Sixth Amendment, which is effective as of June 23, 2023, replaces the interest rates based on the London Interbank Offered Rate (“LIBOR”) and related LIBOR-based mechanics applicable to borrowings under the Credit Facility with interest rates based on the forward-looking Secured Overnight Financing Rate (“SOFR”) and related SOFR-based mechanics, and updates certain other provisions of the Credit Facility to reflect the transition from LIBOR to SOFR.
The foregoing description of the Sixth Amendment is qualified in its entirety by the full text of the Sixth Amendment, which is filed herewith as Exhibit 10.1 and is incorporated into this Item 1.01 by reference.
| Item 2.03 | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The information set forth in Item 1.01 is incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits. |
| (d) Exhibits. | ||
| Exhibit No. | Description | |
| 10.1 | Sixth Amendment, dated as of June 21, 2023, to the Amended and Restated Credit Agreement dated as of December 19, 2017, by and among the Company, PNC Bank National Association, as administrative agent, and the lenders party thereto | |
| 104 | Cover Page Interactive Data File (formatted as inline XBRL) | |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed by the undersigned hereunto duly authorized.
| Bentley Systems, Incorporated | ||
| Date: June 23, 2023 | ||
| By: | /s/ David R. Shaman | |
| Name: | David R. Shaman | |
| Title: | Chief Legal Officer and Corporate Secretary | |