Open Text Corporation (NASDAQ: OTEX, TSX: OTEX) closed a $1.0 billion senior secured notes offering, consisting of two tranches: $500 million in 6.700% senior secured notes due 2031 and $500 million in 7.150% senior secured notes due 2033.

The company said it plans to use the net proceeds, along with cash on hand, to redeem in full the outstanding $1.0 billion principal amount of its 6.900% senior secured notes due 2027, including the applicable redemption premium, accrued interest, and related costs. Both transactions are expected to settle on Oct. 2, 2026.

OpenText also plans to use proceeds to fund consideration for a tender offer on its outstanding 3.875% senior notes due 2028, up to a maximum of $300 million in aggregate principal amount of those notes.

Alongside the notes offering, OpenText executed an amendment to its revolving credit facility, extending its maturity from Dec. 19, 2028 to Oct. 1, 2031, subject to certain terms.

The notes are guaranteed on a senior secured basis by OpenText's existing wholly-owned subsidiaries that are guarantors or co-obligors under the revolving credit facility, the company's first lien term loan facility, and the 2027 notes.

The notes were issued under Rule 144A and Regulation S under the Securities Act of 1933 and were not registered under that act. They were not offered to the general public in Canada under a prospectus.