Open Text to redeem $800 million 5 5/8% notes at 101.406 on March 5

By Sarah Lizee

Olympia, Wash., Feb. 4 – Open Text Corp. plans to redeem all $800 million of its 5 5/8% senior notes due 2023 on March 5, according to an 8-K filing with the Securities and Exchange Commission.

The notes will be redeemed at 101.406 plus accrued interest to but excluding the redemption date.

The redemption will be finances with proceeds from $1.8 billion of new senior notes.

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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