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Open Text selling $600M worth of debt

Jan. 05, 2015 4:20 PM ETOpen Text Corporation (OTEX) Stock, OTEX:CA StockBy: Eric Jhonsa, SA News Editor
  • Shortly after announcing the IGC acquisition, Open Text (NASDAQ:OTEX) states it's selling $600M worth of senior unsecured notes due 2025. Pricing hasn't been set yet.
  • A portion of the proceeds will be used to "repay the outstanding indebtedness under its existing term loan facility." The rest will be used for "general corporate purposes, including potential future acquisitions."  Open Text reiterates the Actuate deal will be financed with cash on hand.
  • With the Actuate purchase on tap, Open Text had $503M in cash/investments at the end of September, and $1.3B in debt.

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