Open Text to fully redeem 5 7/8% notes due 2026 with new notes

Chicago, Nov. 9 – Open Text Corp. will use a substantial portion of the proceeds from a new offering of notes to redeem in full its $850 million outstanding 5 7/8% notes due 2026, according to a press release.

The company will pay a make-whole premium of $25 per note for the redemption. The make-whole premium will also be financed by the new notes, with related fees and expenses.

Any remaining proceeds will be used for general corporate purposes, including potential future acquisition.

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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