Open Text to redeem 5 7/8% notes due 2026 on Dec. 9 via new notes

By Wendy Van Sickle

Columbus, Ohio, Nov. 9 – Open Text Corp. will redeem in full its $850 million outstanding 5 7/8% notes due 2026 on Dec. 9 at par plus a premium, according to a press release.

The company will pay a make-whole premium of $25 per note.

The redemption will be funded using some proceeds of $1.5 billion of new notes in two tranches priced on Tuesday. The redemption is conditioned on closing of that offering.

Any remaining proceeds will be used for general corporate purposes, including potential future acquisition.

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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