Open Text launches $1 billion term loan B at Libor plus 175 bps

By Sara Rosenberg

New York, May 14 – Open Text Corp. launched on Monday its $1 billion seven-year term loan B with price talk of Libor plus 175 basis points with a 0% Libor floor and an original issue discount of 99.75 to par, according to a market source.

The 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 left lead bookrunner on the deal.

Commitments are due at 5 p.m. ET on May 23, the source added.

Proceeds will be used to refinance an existing term loan B and revolving credit facility borrowings.

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

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