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Open Text to launch $490 million credit facility Wednesday
By Sara Rosenberg
New York, Aug. 31 - Open Text Corp. is scheduled to hold a bank meeting on Wednesday to launch its proposed $490 million credit facility, according to a market source.
RBC Capital Markets is the lead bank on the deal.
The facility consists of a $75 million revolver and a $415 million term loan B, the source said, adding that ratings and price talk should be out next week.
Proceeds will be used to fund the acquisition of Hummingbird Ltd. for $27.85 per share, or about $489 million.
The transaction is to be carried out by way of a statutory plan of arrangement and will be voted on by Hummingbird's shareholders at a meeting of shareholders, currently expected to be held in mid-September.
Closing is expected in early October, subject to court approval as well as certain other customary conditions, including the receipt of regulatory approvals.
Open Text is a Waterloo, Ont., provider of enterprise content management software products. Hummingbird is a Toronto, Ont., provider of enterprise software products.
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