Open Text sets redemption price for 5 7/8% notes due 2026 at 102.9375

By Rebecca Melvin

Concord, N.H., Nov. 10 – Open Text Corp. will redeem its $850 million outstanding 5 7/8% notes due 2026 in full on Dec. 9, according to an 8-K filing with the Securities and Exchange Commission.

The redemption price is 102.9375 plus accrued interest.

The company is paying a make-whole premium of $25 million, or $25 per note.

The redemption will be funded by some of the proceeds of $1.5 billion of new notes in two tranches that priced on Tuesday. The call is conditioned on the closing of the new notes.

Open Text is a Waterloo, Ont.-based provider of enterprise information management software that helps companies manage, secure and leverage their unstructured business information.

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