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Open Text Seeking $700 Million in Loans to Refinance Debt

Sept. 26 (Bloomberg) -- Open Text Corp., the content management company, is seeking $700 million of loans to refinance debt, according to a person with knowledge of the transaction.

The financing will include a $600 million term loan A and a $100 million revolving line of credit, said the person, who declined to be identified because the terms are private.

Barclays Bank Plc is arranging the deal for the Waterloo, Ontario-based company and will host a lender meeting Oct. 5 at 10 a.m. in New York.

A portion of the new debt will be used to refinance the company’s existing term piece due Oct. 2013 and repay borrowings under a revolving line of credit which were made to finance the acquisition of Global 360 Holdings Corp., according to a July 13 statement. Open Text acquired the provider of process and case management solutions for approximately $260 million.

Richard Maganini, a spokesman for Open Text, didn’t respond to an e-mail seeking comment.

In a revolving credit facility, money can be borrowed again once it’s repaid; in a term loan, it can’t. A term loan A is sold primarily to banks.

To contact the reporter on this story: Michael Amato in New York at mamato3@bloomberg.net

To contact the editor responsible for this story: Faris Khan at fkhan33@bloomberg.net

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