OpenText cuts maximum tender offer for 3.875% 2028 notes to $300 million
OTEX•OpenText reduced the maximum amount in its tender offer for 3.875% senior notes due 2028 to $300 million from $450 million and extended key deadlines to Sept. 30.
1. Tender offer terms
OpenText amended its cash tender offer for outstanding 3.875% senior notes due 2028, cutting the aggregate maximum tender amount to $300 million from $450 million. The withdrawal deadline, price determination date and expiration date were extended to Sept. 30; settlement for accepted tenders is expected Oct. 2 on a T+2 basis. OpenText plans to fund the offer with cash on hand, backed by proceeds from a concurrent senior secured notes offering.
