OpenText launches $776 million term B repricing at Libor plus 200 bps

By Sara Rosenberg

New York, Feb. 6 – OpenText Corp. launched on Monday without a lender call a repricing of its $776 million term loan B due Jan. 16, 2021 that is talked at Libor plus 200 basis points with no Libor floor and a par issue price, according to a market source.

The repriced term loan has 101 soft call protection for six months and a total net leverage covenant of 4 times, the source said.

Barclays is the bookrunner on the deal.

The repricing will take the term loan down from Libor plus 250 bps with a 0.75% Libor floor.

Commitments are due at noon ET on Friday for existing lenders and at noon ET on Feb. 15 for new lenders, the source added.

OpenText is a Waterloo, Ont.-based software provider of business-to-business cloud integration services.

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