ANSS ANSYS Inc

On October 16, 2019, ANSYS, Inc. (the “Company”) entered into an amendment (the “Credit Agreement Amendment”) to its existing Credit Agreement with a syndicate of financial institutions, including Bank of America, N.A. as the Administrative Agent, dated as of February 22, 2019 (the “Credit Agreement”), which Credit Agreement Amendment provides for a new $500 million unsecured term loan facility to be advanced by the lenders thereunder to the Company to finance the Company’s previously announced and pending acquisition of Livermore Software Technology Corporation, a California corporation, pursuant to the Agreement and Plan of Merger, dated as of September 11, 2019, by and among the Company, Peloton Merger Sub 1, Inc., a California corporation, Peloton Merger Sub 2, LLC, a Delaware limited liability company, Livermore Software Technology Corporation and Dr. John Hallquist (the “Acquisition”). The term loan will be funded in full upon the closing of the Acquisition and will mature on the date that is five years from the date of funding. Principal on the term loan will be payable on the last business day of each fiscal quarter commencing with the ninth full fiscal quarter after the funding date at a rate of 5% per annum, increasing to 10% per annum after the next four fiscal quarters. All other terms, including financial covenants and the applicable interest rate on all loans under the Credit Agreement, including the new term loan, remain the same. The foregoing description of the Credit Agreement Amendment is qualified in its entirety by reference to the Credit Agreement Amendment, which is attached hereto as Exhibit 10.1 and incorporated herein by reference.