Open Text guides $500 million 10-year notes in high 5% yield context; pricing Wednesday or Thursday

By Paul A. Harris

Portland, Ore., May 25 – Open Text Corp. is guiding a $500 million offering of 10-year senior notes (expected ratings Ba2/BB) in the high 5% yield context, according to an investor.

The deal, which was scheduled to roll out during a late-Wednesday morning investor conference call, is set to price later Wednesday or on Thursday morning.

Barclays is the lead left bookrunner for the Rule 144A and Regulation S for life notes offering. Morgan Stanley & Co., RBC Capital Markets and Citigroup Global Markets are the joint bookrunners.

The notes become callable after five years at par plus 50% of the coupon and feature a three-year 40% equity clawback.

The Waterloo, Ont.-based provider of enterprise information management software plans to use the proceeds for general corporate purposes, including acquisitions.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.