secwatch.observer — SEC 8-K summary
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Issuer:     OPEN TEXT CORP (OTEX)
CIK:        0001002638
Form:       8-K
Filed at:   2024-05-15T23:59:59+00:00
Accession:  0001002638-24-000031
Event type: debt
Sentiment:  positive
Materiality: 0.60
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1002638/000100263824000031/0001002638-24-000031-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1002638/000100263824000031/otex-20240515.htm
  HTML page:      https://secwatch.observer/filing/0001002638-24-000031

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