Bentley Systems announced the repayment of the $678 million principal balance and accrued interest on its 0.125% Convertible Senior Notes due 2026. The company funded the transaction with cash on hand and a $610 million draw from its unused revolving credit facility, completing the full maturity of the notes on January 15 2026.
The repayment reduces Bentley’s fully‑diluted share count by roughly three percent, or more than 10 million shares, and lowers net leverage from 2.2× (as of Q3 2025) to a lower level. The move also leaves the company with approximately $700 million of unused credit line capacity, providing a buffer for potential acquisitions or capital‑return initiatives.
Management highlighted that the company has historically used convertible debt to finance strategic acquisitions—such as the $1 billion Seequent purchase in 2021 and the $700 million Powerline Systems deal in 2022. By eliminating this tranche of debt, Bentley preserves its ability to deploy capital in high‑growth areas, particularly AI‑driven asset analytics and digital‑twin solutions, while maintaining a strong balance sheet.
CFO Werner Andre noted that net leverage remains within the target range and that interest expense has not increased materially. He emphasized the ample credit line availability, which supports the company’s growth strategy and provides flexibility for future investments or shareholder returns.
The company still carries $575 million of 0.375% Convertible Senior Notes due mid‑2027, but the repayment of the 2026 notes demonstrates robust cash flow generation and disciplined debt management. The action positions Bentley to pursue additional platform investments or share‑repurchase programs without compromising financial stability.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.