OpenText Lowers Tender Cap for 2028 Senior Notes
Waterloo-based OpenText has adjusted the terms of its pending cash tender offer for 3.875% senior notes due 2028, scaling back the maximum purchase amount while extending key deadlines. The company now seeks to acquire up to $300 million in aggregate principal, a reduction from the previously announced $450 million cap.
The revised schedule pushes the expiration, withdrawal, and price determination deadlines to September 30, 2026, at 5:00 p.m. and 3:00 p.m. New York City time, respectively. Settlement for the accepted notes is currently slated for October 2, 2026. OpenText intends to fund the repurchase using existing cash reserves alongside proceeds from its concurrent senior secured notes offering.
RBC Capital Markets and Citigroup Global Markets are acting as dealer managers for the transaction, with Global Bondholder Services Corporation serving as the tender and information agent. The company maintains that the offer remains subject to the original conditions outlined in the September 23 purchase documentation, and it has issued no formal recommendation to bondholders regarding participation.
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