OpenText closes $1 billion senior secured notes offering
OTEX•OpenText closed a $1 billion senior secured notes offering, split into $500 million tranches due 2031 and 2033. It plans to use proceeds and cash on hand to redeem $1 billion of notes due 2027 and tender for up to $300 million of notes due 2028.
1. Offering and refinancing
OpenText closed a $1 billion senior secured notes offering, comprising $500 million of 6.700% notes due 2031 and $500 million of 7.150% notes due 2033. The company plans to use the net proceeds and cash on hand to redeem $1 billion of 6.900% senior secured notes due 2027 and to buy back up to $300 million of 3.875% senior notes due 2028 through a tender offer. OpenText also amended its revolving credit facility to extend its maturity to October 1, 2031, from December 19, 2028.
