Simpson Thacher recently represented the underwriters, led by BofA Securities, HSBC and J.P. Morgan, in connection with a public offering by Synopsys, Inc. (“Synopsys”) of $10 billion aggregate principal amount of Notes in connection with its pending acquisition of ANSYS, Inc. (“Ansys”), consisting of $1 billion aggregate principal amount of 4.550% Senior Notes due 2027, $1 billion aggregate principal amount of 4.650% Senior Notes due 2028, $2 billion aggregate principal amount of 4.850% Senior Notes due 2030, $1.5 billion aggregate principal amount of 5.000% Senior Notes due 2032, $2.4 billion aggregate principal amount of 5.150% Senior Notes due 2035 and $2.1 billion aggregate principal amount of 5.700% Senior Notes due 2055.
Synopsys is a technology firm that focuses on chip design, verification, IP integration, and software security and quality testing. Synopsys intends to use the net proceeds of the notes offering to fund part of the cash portion of the merger consideration for its pending acquisition of Ansys, to pay related transaction fees and expenses and to repay Ansys’ outstanding indebtedness.
The Simpson Thacher team for this transaction included John C. Ericson, Ryan Surujnath, Anna Jarman, Emily Anne Owen and Louise Choi (Capital Markets); Michael Mann (Tax); Christina Breitbeil (Intellectual Property); and Pasco Struhs and Josh Goldman (Executive Compensation and Employee Benefits).