Open Text to start roadshow for $600 million 10-year notes offer on Tuesday

By Paul A. Harris

Portland, Ore., Jan. 5 – Open Text Corp. plans to start a roadshow on Tuesday in Toronto for a $600 million offering of senior notes due January 2025 (expected ratings Ba2/BB), according to a market source.

The roadshow moves to New York on Wednesday, to Boston on Thursday and to the West Coast of the United States on Friday.

Pricing is set for Jan. 12.

Joint bookrunner Barclays will bill and deliver for the Rule 144A and Regulation S notes sale. Morgan Stanley & Co., RBC Capital Markets and Citigroup Global Markets are also joint bookrunners.

The 10-year notes, which come with investment-grade covenants, become callable after five years at par plus 50% of the coupon, and feature a three-year 40% equity clawback at par plus the coupon.

The Waterloo, Ont.-based provider of enterprise information management software plans to use the proceeds to repay its existing term loan A, and for general corporate purposes including near term acquisitions.

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