Autodesk establishes $2B unsecured commercial paper program
Autodesk established an unsecured commercial paper program on July 13, 2026, permitting the issuance of up to $2.0 billion in notes with maturities up to 365 days. Proceeds are earmarked for general corporate purposes and partial financing of the merger with MaintainX Inc. The program is backstopped by a $2.0 billion revolving credit facility, though no notes have been issued to date.
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Autodesk established an unsecured commercial paper program on July 13, 2026, allowing the company to issue up to $2.0 billion in notes with maturities not exceeding 365 days. The program provides flexibility for the Delaware corporation to borrow, repay, and re-borrow funds as needed for general corporate purposes. Proceeds will also partially finance the company's previously announced merger with MaintainX Inc., pursuant to an Agreement and Plan of Merger dated May 28, 2026.
The notes will be sold on terms customary for the United States commercial paper market and will rank equally in right of payment with all of the company’s other unsecured and unsubordinated indebtedness. As of the date of the Current Report on Form 8-K, Autodesk has not issued any notes under the program. The commercial paper program is supported by available capacity under the company’s existing unsecured revolving credit facility, which has aggregate commitments of $2.0 billion.
Key Program Details
| Feature | Details |
|---|---|
| Maximum aggregate outstanding amount | $2.0 billion |
| Maximum maturity | 365 days from date of issue |
| Security status | Unsecured |
| Backstop facility | Existing unsecured revolving credit facility ($2.0 billion commitments) |
The merger agreement involves Autodesk, Matterhorn Acquisition Corp. (a wholly-owned subsidiary of Autodesk), MaintainX Inc., and Shareholder Representative Services LLC as the securityholders’ agent. The establishment of the commercial paper program enhances Autodesk's liquidity options to support ongoing operations and strategic transactions.
How will the cost of issuing commercial paper compare to Autodesk's current cost of capital under the revolving credit facility?
What specific impact will the MaintainX acquisition have on Autodesk's revenue growth and product portfolio in the short term?
Will Autodesk utilize the full $2.0 billion capacity of the commercial paper program immediately, or draw on it incrementally based on needs?
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