---
schema_version: "secwatch.filing_event.v1"
accession: "0001002638-24-000031"
form_type: "8-K"
ticker: "OTEX"
cik: "0001002638"
company_name: "OPEN TEXT CORP"
filed_at: "2024-05-15T23:59:59+00:00"
generated_at: "2026-06-01T22:27:28.893732+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# OpenText reprices term loan, cuts margin by 0.50% and removes SOFR adjustment

## Summary
- Term loan facility reduced to $2.23B; new 2024 Replacement Term Loans issued to repay existing loans.
- Applicable margin cut by 0.50%; interest now Base Rate +1.25% or Term SOFR +2.25% (no SOFR adjustment).
- Amendment also removes certain deposit account control and pledged account covenants.
- Conditions include solvency certificate, legal opinions, and payment of accrued interest.
- Effective May 15, 2024; all existing obligations continue under amended terms.

## SEC filing metadata
- accession: 0001002638-24-000031
- form_type: 8-K
- ticker: OTEX
- cik: 0001002638
- company_name: OPEN TEXT CORP
- filed_at: 2024-05-15T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1002638/000100263824000031/0001002638-24-000031-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1002638/000100263824000031/otex-20240515.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001002638-24-000031
- JSON: https://secwatch.observer/filing/0001002638-24-000031.json
- Plain text: https://secwatch.observer/filing/0001002638-24-000031.txt

## Key facts
- Debt Financings
  OPEN TEXT CORP amended term loan with Barclays Bank PLC at Term SOFR (as defined in the Term Loan Credit Agreement) plus an applicable marg.
  - Instrument: term loan
  - Counterparty: Barclays Bank PLC
  - Rate: Term SOFR (as defined in the Term Loan Credit Agreement) plus an applicable marg
  - Event: amendment
  source text: The Term Loan Amendment reduces the applicable margin by 0.50% and removes the 0.10% SOFR adjustment. Following the Term Loan Amendment, at the Company’s election, loans made under the Term Loan Credit Agreement will bear interest at (i) the Base Rate (as defined in the Term Loan Credit Agreement) plus an applicable margin of 1.25%, (ii) Term SOFR (as defined in the Term Loan Credit Agreement) plus an applicable margin of 2.25% or (iii) Daily Simple SOFR (as defined in the Term Loan Credit Agreement) plus an applicable margin of 2.25%.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1002638/000100263824000031/0001002638-24-000031-index.htm
- Material Agreements
  OPEN TEXT CORP amended Term Loan Amendment with Barclays Bank PLC and the lenders party thereto (effective 2024-05-15).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: Barclays Bank PLC and the lenders party thereto
  - Effective: 2024-05-15
  source text: On May 15, 2024, Open Text Corporation (“OpenText” or the “Company”) and certain of its subsidiaries entered into an amendment (the “Term Loan Amendment”) to the Company's Credit Agreement, dated as of August 25, 2022 (the “Existing Term Loan Credit Agreement”, and as amended, supplemented or otherwise modified as of the effective date of the Term Loan Amendment, including by the Term Loan Amendment, the “Term Loan Credit Agreement”), among the Company, the lenders party thereto, the subsidiary guarantors party thereto and Barclays Bank PLC, as administrative agent and collateral agent.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1002638/000100263824000031/0001002638-24-000031-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.