OpenText Initiates $450 Million Cash Tender Offer for 2028 Notes

Holders of the 2028 bonds have until 5:00 p.m. New York City time on September 29, 2026, to tender their securities. The final purchase price will be determined earlier that day based on a fixed spread over the yield of the 4.250% U.S. Treasury security maturing in February 2028. If the total volume of bonds tendered exceeds the $450 million cap, the company will apply proration to the accepted amounts.

The tender offer is tied to a specific financing condition: OpenText must generate sufficient net proceeds from a new offering of senior secured notes to cover both the redemption of its $1 billion in 6.900% senior secured notes due 2027 and the repurchase of the 2028 bonds. RBC Capital Markets and Citigroup Global Markets are managing the tender process. While the company expects the settlement to occur on October 2, 2026, it reserves the right to amend the terms or terminate the offer before the expiration date.