By Paul A. Harris
Portland, Ore., May 25 – Open Text Corp. priced an upsized $600 million issue of 10-year senior notes (Ba2/BB) at par to yield 5 7/8% on Wednesday, according to a market source.
The issue size was increased from $500 million.
The yield printed on top of yield talk and in line with initial guidance in the high 5% context.
Barclays was the lead left bookrunner. Morgan Stanley & Co., RBC Capital Markets and Citigroup Global Markets were the joint bookrunners.
The Waterloo, Ont.-based provider of enterprise information management software plans to use the proceeds for general corporate purposes, including acquisitions.
| Issuer: | Open Text Corp.
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| Amount: | $600 million, increased from $500 million
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| Maturity: | June 1, 2026
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| Securities: | Senior notes
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| Left lead bookrunner: | Barclays
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| Joint bookrunners: | Morgan Stanley & Co., RBC Capital Markets, Citigroup Global Markets
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| Coupon: | 5 7/8%
|
| Price: | Par
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| Yield: | 5 7/8%
|
| First call: | June 1, 2021 at 102.938
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| Trade date: | May 25
|
| Settlement date: | May 31
|
| Ratings: | Moody's: Ba2
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| S&P: BB
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 5 7/8% area
|
| Marketing: | Quick to market
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