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Open Text $900 million credit facility expected September business
By Sara Rosenberg
New York, Aug. 16 - Open Text Inc.'s proposed $900 million senior secured credit facility (Ba1) is expected to launch with a bank meeting sometime in September, according to a market source.
Barclays Capital Inc. and RBC Capital Markets LLC are the joint lead arrangers and joint bookrunners on the deal.
The facility consists of a $100 million revolver, a $200 million delayed-draw term loan A and a $600 million term loan B, sources previously told Prospect News.
Proceeds will be used to add cash to the balance sheet, fund the acquisition of Global 360 Holding Corp., refinance existing bank debt and for working capital purposes.
On July 13, Open Text announced that it acquired Global 360, a Dallas-based provider of process and case management solutions, for about $260 million.
Funds for the transaction came from revolver borrowings, but with this new deal, the company plans on using term loan debt to repay those revolver drawings.
Open Text is a Waterloo, Ont.-based enterprise software company.
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