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Open Text finalizes $1 billion term loan B issue price at par
By Sara Rosenberg
New York, May 24 – Open Text Corp. firmed the issue price on its $1 billion seven-year term loan B (BBB-) at par, the tight end of the 99.75 to par talk, according to a market source.
Pricing on the term loan remained at Libor plus 175 basis points with a 0% Libor floor.
The term loan still has 101 soft call protection for six months.
Barclays is the left lead bookrunner on the deal.
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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