Business
Dye & Durham Announces a Recapitalization of its Credit Facilities and Provides a Corporate Update
Dye & Durham Announces a Recapitalization of its Credit Facilities and Provides a Cor...
About this update from Dye & Durham Ltd.
[{"type":"text","content":"\n \n \n \n Dye & Durham Announces a Recapitalization of its Credit Facilities and Provides a Corporate Update\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n Dye & Durham Announces a Recapitalization of its Credit Facilities and Provides a Corporate Update\n \n \n Canada NewsWire\n \n \n \n \n \n TORONTO\n \n ,\n \n Oct. 8, 2021\n \n /CNW/ - Dye & Durham Limited (\"\n \n Dye & Durham\n \n \" or the \"\n \n Company\n \n \") (TSX: DND), a leading provider of cloud-based software and technology solutions designed to improve efficiency and increase productivity for legal and business professionals, announced today that it has entered into a new approximately\n \n $1.8 billion\n \n committed senior secured credit facility (the \"\n \n New Facility\n \n \").\n \n \n The Company intends to use the proceeds from the New Facility to repay the amounts outstanding under its existing term loan facility, with the remaining amounts to be used, amongst other things, to finance its continued acquisition strategy.\n \n \n \"We believe the New Facility will give us additional capital flexibility, allowing us to continue to execute on our Build to a Billion strategy,\" said\n \n Matt Proud\n \n , CEO of Dye & Durham.\n \n \n The New Facility is comprised of a (i)\n \n $1,520 million\n \n initial term loan (\"\n \n Initial Term Loan\n \n \"), (ii)\n \n $200 million\n \n delayed draw term loan (\"\n \n DDTL\n \n \"), and (iii)\n \n $75 million\n \n revolving credit facility (\"\n \n Revolver\n \n \"). The Initial Term Loan and DDTL have a maturity date of six years from closing and the Revolver has a maturity date of five years from closing. The DDTL can be drawn in portions to fund permitted acquisitions and is available for two years from closing. Borrowings under the New Facility will be secured by a first charge over substantially all of the Company's assets. The New Facility will contain customary representations and warranties, positive and negative covenants and events of default. The Initial Term Loan and DDTL will not have any financial covenants.\n \n ...