Bentley Systems Repays $678M Convertible Debt, Easing Dilution Fears
Bentley Systems has retired $678 million in convertible notes due 2026, utilizing cash reserves and credit facilities. The repayment reduces fully diluted shares by approximately 3%, or over 10 million shares, while maintaining net leverage at 2.2x. The company retains $700 million in available credit capacity for operational needs and potential acquisitions.
CFO Werner Andre emphasized the transaction aligns with Bentley's leverage targets, leaving $575 million in convertible notes maturing in 2027 outstanding. The MOVE signals prudent balance sheet management as markets continue evaluating the software firm's financial positioning.