Open Text Corp Enters Material Definitive Agreement
Ticker: OTEX · Form: 8-K · Filed: May 15, 2024 · CIK: 1002638
Sentiment: neutral
Topics: material-agreement, financial-obligation, filing
Related Tickers: OTEX
TL;DR
OTEX signed a big deal, filing an 8-K today. Could be debt or acquisition.
AI Summary
On May 15, 2024, Open Text Corporation (OTEX) entered into a material definitive agreement, likely related to a financial obligation. The company, incorporated in Canada with its principal executive offices at 275 Frank Tompa Drive, Waterloo, Ontario, filed an 8-K report detailing this event. The filing also includes financial statements and exhibits.
Why It Matters
This filing indicates a significant new agreement for Open Text Corporation, which could impact its financial standing and future operations.
Risk Assessment
Risk Level: medium — Entering into material definitive agreements can introduce new financial obligations or strategic shifts, carrying inherent risks.
Key Players & Entities
- Open Text Corporation (company) — Registrant
- 275 Frank Tompa Drive, Waterloo, Ontario, Canada N2L 0A1 (location) — Principal executive offices
- May 15, 2024 (date) — Date of earliest event reported
FAQ
What is the nature of the material definitive agreement entered into by Open Text Corporation?
The filing indicates the entry into a material definitive agreement and a direct financial obligation or an obligation under an off-balance sheet arrangement, but the specific details of the agreement are not provided in this excerpt.
When was the earliest event reported in this 8-K filing?
The earliest event reported was on May 15, 2024.
What is Open Text Corporation's principal executive office address?
The principal executive offices are located at 275 Frank Tompa Drive, Waterloo, Ontario, Canada N2L 0A1.
What is Open Text Corporation's IRS Employer Identification No.?
The IRS Employer Identification No. for Open Text Corporation is 98-0154400.
What is the SEC file number for Open Text Corporation?
The SEC file number for Open Text Corporation is 000-27544.
Filing Stats: 697 words · 3 min read · ~2 pages · Grade level 11.8 · Accepted 2024-05-15 16:01:05
Filing Documents
- otex-20240515.htm (8-K) — 28KB
- a101otex-2024tlbthirdamend.htm (EX-10.1) — 103KB
- 0001002638-24-000031.txt ( ) — 272KB
- otex-20240515.xsd (EX-101.SCH) — 2KB
- otex-20240515_lab.xml (EX-101.LAB) — 22KB
- otex-20240515_pre.xml (EX-101.PRE) — 13KB
- otex-20240515_htm.xml (XML) — 3KB
01. Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement. 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. 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%. The foregoing description of the Term Loan Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Term Loan Amendment, which is filed herewith as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference. Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant The description of the Term Loan Credit Agreement set forth in Item 1.01 above, and the related Exhibit 10.1, concerning the Term Loan Amendment are incorporated herein by reference.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits (d) Exhibits Exhibit No. Description 10.1 Third Amendment to Credit Agreement, dated May 15, 2024, by and among the Company, the guarantors party thereto, Barclays Bank PLC, as administrative agent and collateral agent, and certain financial institution parties thereto. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. OPEN TEXT CORPORATION May 15, 2024 By: /s/ Michael F. Acedo Michael F. Acedo Executive Vice-President, Chief Legal Officer & Corporate Secretary