OpenText (OTEX) to Acquire Global 360 in $260M Deal
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OpenText (Nasdaq: OTEX) has entered an agreement to acquire Global 360 Holding Corp. in a $260 million deal.
Closing is expected in Q112.
OpenText intends at the appropriate time to amend and restate its existing senior secured credit facilities for the purposes of increasing the company's and its subsidiaries' liquidity and access to capital for general corporate purposes, including future growth, and extending their maturity dates. The amended and restated credit facilities are anticipated to include approximately $600 million of funded term loans, a portion of which will be used to refinance OpenText's existing term loan maturing in 2013 and to repay outstanding borrowings under OpenText's existing revolving credit facility which were made to complete the company's acquisition of Global 360. Additionally, OpenText anticipates obtaining additional liquidity in the form of a revolving credit facility and delayed draw term loans in connection with the amending and restating of its credit facilities. Each of these tranches are expected to have new maturity dates. The company has no current intention to utilize any delayed draw term loan.
OpenText has appointed Barclays Capital and RBC Capital Markets as joint lead arrangers and joint bookrunners of the amended and restated credit facilities.
Closing is expected in Q112.
OpenText intends at the appropriate time to amend and restate its existing senior secured credit facilities for the purposes of increasing the company's and its subsidiaries' liquidity and access to capital for general corporate purposes, including future growth, and extending their maturity dates. The amended and restated credit facilities are anticipated to include approximately $600 million of funded term loans, a portion of which will be used to refinance OpenText's existing term loan maturing in 2013 and to repay outstanding borrowings under OpenText's existing revolving credit facility which were made to complete the company's acquisition of Global 360. Additionally, OpenText anticipates obtaining additional liquidity in the form of a revolving credit facility and delayed draw term loans in connection with the amending and restating of its credit facilities. Each of these tranches are expected to have new maturity dates. The company has no current intention to utilize any delayed draw term loan.
OpenText has appointed Barclays Capital and RBC Capital Markets as joint lead arrangers and joint bookrunners of the amended and restated credit facilities.
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