The Firm represented Bentley Systems, Incorporated (“Bentley”) in connection with the offering of $690 million aggregate principal amount of 0.125% convertible senior notes due 2026, which includes the full exercise of the initial purchasers’ option to purchase additional notes. In addition, the Firm represented Bentley in connection with capped call transactions relating to its Class B common stock, entered into with certain of the initial purchasers or their respective affiliates and certain other financial institutions concurrently with the offering of the notes.
Bentley intends to use the net proceeds from the sale of the notes in the offering to pay the cost of the capped call transactions, to repay existing indebtedness and pay related fees and expenses and for general corporate purposes, which may include funding future acquisitions.
Bentley is a leading global provider of software for infrastructure engineering, enabling the work of civil, structural, geotechnical, and plant engineering practitioners, their project delivery enterprises and owner-operators of infrastructure assets.
The Simpson Thacher team included Richard Fenyes, Sunny Cheong, John O’Connell, Hyo Min Kim and Alexander Leicht (Capital Markets); Jonathan Lindabury, Caitlin Wood and Nathan Utterback (Derivatives); Tristan Brown and Jake Phillips (Executive Compensation and Employee Benefits); and Marcy Geller, Jonathan Cantor, Jasmine Hay and Edward Grais (Tax).