OpenText Closes Cash Tender Offer for $300 Million in Senior Notes

The company received valid tenders for $697.56 million in aggregate principal, significantly exceeding the $300 million cap. To manage this demand, OpenText applied a proration factor of 43.047752% to all validly tendered notes. The tender consideration was set at $981.71 per $1,000 principal amount, determined by a fixed spread of 50 basis points over the 4.250% U.S. Treasury security due in February 2028.

Settlement for the accepted bonds is scheduled for October 2, 2026. This transaction is part of a broader capital restructuring for the Waterloo-based firm, which includes a concurrent senior secured notes offering. Proceeds from that offering, alongside existing cash reserves, will fund the tender offer and the full redemption of OpenText’s 6.900% Senior Secured Notes due 2027. RBC Capital Markets and Citigroup Global Markets served as dealer managers for the tender process.