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    ADBE   US00724F1012

ADOBE INC.

(ADBE)
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Real-time Estimate Cboe BZX  -  01:36 2022-08-19 pm EDT
424.95 USD   -3.21%
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Adobe Inc. Enters into Five-Year Credit Agreement with Bank of America, N.A

07/01/2022 | 06:13am EDT

On June 30, 2022, Adobe Inc. entered into a five-year Credit Agreement (Revolving Credit Agreement), among the company, certain subsidiaries of the company party thereto, Bank of America, N.A. (“Bank of America”), as Administrative Agent and the lenders party thereto. The Revolving Credit Agreement replaces the Credit Agreement, dated as of October 17, 2018, among the Company, certain subsidiaries of the Company party thereto, the lenders party thereto and Bank of America, as Administrative Agent and Swingline Lender (as amended, the “Prior Revolving Credit Agreement”). The initial maximum aggregate principal amount of availability under the Revolving Credit Agreement is $1.5 billion, with sub-limits for non-U.S. dollar borrowings and borrowings by certain of the Company's subsidiaries.

The Revolving Credit Agreement provides for loans to the Company and certain of its subsidiaries that may be designated from time to time as additional borrowers. Pursuant to the terms of the Revolving Credit Agreement, the Company may, subject to the agreement of lenders to provide additional commitments, obtain up to an additional $500 million in commitments, for a maximum aggregate principal amount of $2.0 billion. At the Company's election, Loans under the Revolving Credit Agreement will bear interest at either Term SOFR (as defined in the Revolving Credit Agreement) plus an applicable margin, the Adjusted Daily SOFR Rate plus an applicable margin or a Base Rate (as defined in the Revolving Credit Agreement) plus an applicable margin.

The applicable margin is based on the Company's debt rating. Loans under the Revolving Credit Agreement denominated in non-U.S. dollar currency will bear interest at a reference rate applicable to the relevant alternative currency plus an applicable margin based on the Company's debt rating. The Revolving Credit Agreement also requires the Company to pay a facility fee based on the aggregate commitments in effect under the Revolving Credit Agreement from time to time, whether used or unused, and based upon the Company's debt rating in effect from time to time.

The Company is permitted to permanently reduce the aggregate commitment under the Revolving Credit Agreement at any time. Subject to certain conditions stated in the Revolving Credit Agreement, the Company and any of its subsidiaries designated as additional borrowers may borrow, prepay and re-borrow amounts under the Revolving Credit Agreement at any time during the term of the Revolving Credit Agreement. The Revolving Credit Agreement will mature and all amounts owing thereunder will be due and payable on June 30, 2027 unless the commitments are terminated earlier on a voluntary basis by the Company or upon the occurrence of certain events, including an event of default, or the maturity date is extended upon the Company's request, subject to the agreement of the lenders.


© S&P Capital IQ 2022
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Analyst Recommendations on ADOBE INC.
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Financials (USD)
Sales 2022 17 683 M - -
Net income 2022 4 741 M - -
Net cash 2022 2 021 M - -
P/E ratio 2022 43,6x
Yield 2022 -
Capitalization 205 B 205 B -
EV / Sales 2022 11,5x
EV / Sales 2023 9,90x
Nbr of Employees 25 988
Free-Float 77,5%
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Mean consensus BUY
Number of Analysts 31
Last Close Price 439,03 $
Average target price 469,29 $
Spread / Average Target 6,89%
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Managers and Directors
Shantanu Narayen Chairman, President & Chief Executive Officer
Daniel J. Durn CFO, EVP-Finance, Technology Services & Operations
Cynthia A. Stoddard Chief Information Officer & Senior Vice President
Mark S. Garfield Chief Accounting Officer, Controller & SVP
John E. Warnock Chief Executive Officer
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