Exhibit 99.1

        CADENCE DESIGN SYSTEMS ANNOUNCES INTENTION TO OFFER $350 MILLION
                            SENIOR CONVERTIBLE NOTES

SAN JOSE, CALIF., AUGUST 11, 2003 -- Cadence Design Systems, Inc. (NYSE: CDN)
today announced its intention to commence an offering, subject to market
conditions, of $350 million principal amount of zero coupon zero yield senior
convertible notes due 2023 to be offered and sold to qualified institutional
buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The
conversion rate and other terms of the notes are to be determined by
negotiations between the company and the initial purchasers of the notes.

Cadence expects to grant the initial purchasers an option to purchase up to an
additional $50 million principal amount of senior convertible notes. Cadence
intends to use a portion of the proceeds to purchase up to $100 million of
shares of its common stock concurrently with, and possibly after, pricing of the
notes. These repurchases will be made pursuant to Cadence's previously announced
stock repurchase program.

Cadence intends to enter into a convertible bond hedge transaction with one of
the initial purchasers with respect to its common stock to limit potential
dilution from conversion of the notes. Cadence also intends to enter into a call
option transaction with one of the initial purchasers. Cadence expects to expend
an aggregate of approximately $63 million of the net proceeds of the offering in
connection with these two transactions. Cadence plans to use the remainder of
the proceeds for general corporate purposes.

In connection with the convertible bond hedge transaction and call option
transaction, the initial purchaser that is a party to those transactions has
advised Cadence that it will purchase Cadence common stock in secondary market
transactions prior to pricing of the notes, and expects to enter into various
over-the-counter derivative transactions with respect to Cadence common stock
simultaneously with, and possibly after, pricing of the notes and may continue
to purchase Cadence common stock in secondary market transactions following
pricing of the notes.

This announcement is neither an offer to sell nor a solicitation of an offer to
buy any of these securities and shall not constitute an offer, solicitation or
sale in any jurisdiction in which such offer, solicitation or sale is unlawful.

The notes have not been registered under the Securities Act of 1933, as amended,
or any state securities laws and may not be offered or sold in the United States
absent registration or an applicable exemption from the registration
requirements.

Except for historical information, the matters discussed in this release contain
forward-looking statements. These statements are based on current expectations
or beliefs and are subject to factors and uncertainties that could cause actual
results to differ materially from those described in the forward-looking
statements, including without limitation, whether or not Cadence will offer the
notes or consummate the offering, or enter into the bond hedge transaction or
the call option transaction, the anticipated terms of the notes and the
offering, and the anticipated use of the proceeds of the offering. For a
detailed discussion of these and other cautionary statements, please refer to
Cadence's most recent filings with the Securities and Exchange Commission.

Cadence does not undertake any obligation to update any forward-looking
statements to reflect events or circumstances occurring after the date of this
press release.

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