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Open Text guides $500 million 10-year notes in high 5% yield context; pricing Wednesday or Thursday
By Paul A. Harris
Portland, Ore., May 25 – Open Text Corp. is guiding a $500 million offering of 10-year senior notes (expected ratings Ba2/BB) in the high 5% yield context, according to an investor.
The deal, which was scheduled to roll out during a late-Wednesday morning investor conference call, is set to price later Wednesday or on Thursday morning.
Barclays is the lead left bookrunner for the Rule 144A and Regulation S for life notes offering. Morgan Stanley & Co., RBC Capital Markets and Citigroup Global Markets are the joint bookrunners.
The notes become callable after five years at par plus 50% of the coupon and feature a three-year 40% equity clawback.
The Waterloo, Ont.-based provider of enterprise information management software plans to use the proceeds for general corporate purposes, including acquisitions.
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