Recent Updates — OTEX
Open Text Corporation issued $1 billion in aggregate principal amount of senior secured notes, comprising $500 million of 6.700% notes due October 2031 and $500 million of 7.150% notes due October 2033. The company simultaneously amended its revolving credit facility to extend the maturity date from December 19, 2028, to October 1, 2031. OpenText intends to use the net proceeds and cash on hand to redeem in full $1 billion of outstanding 6.900% Senior Secured Notes due 2027 and to purchase up to $300 million of its 3.875% Senior Notes due 2028 via a tender offer, with settlement expected on October 2, 2026. OpenText is a global leader in enterprise data management for AI.
Open Text Corporation announced the pricing and results of its cash tender offer to purchase up to $300,000,000 in aggregate principal amount of its outstanding 3.875% Senior Notes due 2028. Valid tenders totaled $697,563,000, resulting in a proration factor of approximately 43.05%. The tender offer consideration was set at $981.71 per $1,000 principal amount, based on a fixed spread of +50 basis points over the reference U.S. Treasury yield of 4.773%. Settlement is expected on October 2, 2026. The company intends to use net proceeds from a concurrent senior secured notes offering and cash on hand to fund this tender offer and redeem in full its outstanding 6.900% Senior Secured Notes due 2027. OpenText operates as a global leader in enterprise data management for AI.
Open Text Corporation amended the terms of its previously announced cash tender offer for a portion of its outstanding 3.875% Senior Notes due 2028. The company reduced the Aggregate Maximum Tender Amount from $450 million to $300 million in aggregate principal amount. Additionally, Open Text extended key deadlines by one day: the Withdrawal Deadline, Price Determination Date, and Expiration Date are now set for September 30, 2026, at 5:00 p.m., New York City time. The settlement date for accepted bonds is expected to be October 2, 2026. All other terms remain unchanged. Open Text Corporation operates in the enterprise data management and AI software industry.
Open Text Corporation priced an offering of $500 million principal amount of 6.700% senior secured notes due 2031 and $500 million principal amount of 7.150% senior secured notes due 2033 on September 23, 2026. The company intends to use the net proceeds, combined with cash on hand, to redeem in full the outstanding $1.0 billion principal amount of its 6.900% Senior Secured Notes due 2027 and to fund a tender offer for up to $450 million of its 3.875% Senior Notes due 2028. The offering is expected to close on October 1, 2026. Open Text Corporation operates in the enterprise data management and AI software industry.
On September 23, 2026, Open Text Corporation announced the commencement of a proposed offering of senior secured notes and a cash tender offer for its outstanding 3.875% Senior Notes due 2028. The company intends to use net proceeds from the new debt issuance to fully redeem the $1.0 billion principal amount of its 6.900% Senior Secured Notes due 2027, including applicable premiums and interest. Additionally, the offering will fund a tender offer for up to $450 million in aggregate principal amount of the 2028 Notes. The transactions are subject to customary market conditions and financing contingencies. Open Text Corporation operates in the enterprise data management industry, providing software solutions for information governance and artificial intelligence.
Open Text Corporation issued a conditional notice to redeem $1.0 billion principal amount of its outstanding 6.900% Senior Secured Notes due 2027 on October 2, 2026, subject to financing conditions. The company is exploring a potential offering of senior secured notes under Rule 144A and Regulation S to fund the redemption. Additionally, Open Text is seeking to amend its revolving credit agreement to extend maturity. This filing relates to significant debt restructuring activities by a global leader in enterprise data management for AI.