TSX:OTEX - Post Discussion
Open Text Corp
> Proposed Offerings of Senior Unsecured Fixed Rate Notes
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Betteryear2 on Nov 09, 2021 11:29am
Proposed Offerings of Senior Unsecured Fixed Rate Notes
WATERLOO, ON, Nov. 9, 2021 /PRNewswire/ -- Open Text Corporation (NASDAQ: OTEX) (TSX: OTEX) ("OpenText" or the "Company") announced today proposed offerings of $1.0 billion in total aggregate principal amount of senior unsecured fixed rate notes by OpenText and Open Text Holdings, Inc., a wholly-owned indirect U.S. subsidiary of OpenText ("OTHI").
OpenText intends to use the substantial portion of the net proceeds from the offerings to (i) redeem in full the outstanding $850 million aggregate principal amount of OpenText's 5.875% notes due 2026 (the "2026 Notes") and pay the make-whole premium of $25 million that will be paid in connection with such redemption of the 2026 Notes and (ii) pay related fees and expenses; and OpenText expects to use the balance of the net proceeds for general corporate purposes, including potential future acquisitions.
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