Open Text to redeem notes due 2023, repay revolver via new notes

By Sarah Lizee

Olympia, Wash., Feb. 3 – Open Text Corp. plans to refinance $1.55 billion in outstanding debt using proceeds from $1.6 billion of new senior notes, according to a press release.

The company plans to redeem in full its $800 million of notes due 2023 and repay the full $750 million drawn under its current revolving credit agreement.

The balance of the net proceeds will be used for general corporate purposes, including potential future acquisitions.

Open Text is a Waterloo, Ont.-based provider of enterprise information management software that helps companies manage, secure and leverage their unstructured business information.

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