Business
Dye & Durham Announces Results of Substantial Issuer Bid
Dye & Durham Announces Results of Substantial Issuer Bid Dye & Durham Announces...
About this update from Dye & Durham Ltd.
[{"type":"text","content":"\n \n \n \n Dye & Durham Announces Results of Substantial Issuer Bid\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 Results of Substantial Issuer Bid\n \n \n Canada NewsWire\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n Jan. 16, 2024\n \n \n /CNW/ - Dye & Durham Limited (the \"\n \n Company\n \n \" or \"\n \n Dye & Durham\n \n \") (TSX: DND) announced today that its substantial issuer bid (the \"\n \n Offer\n \n \") to purchase up to\n \n $160,000,000\n \n in aggregate principal amount of 3.75% Senior Unsecured Convertible Debentures due\n \n March 1, 2026\n \n (the \"\n \n Original Debentures\n \n \") has been oversubscribed. As the Offer is oversubscribed, and assuming no withdrawals prior to the take up and payment for the tendered Original Debentures, elections made by holders of the Original Debentures tendering to the offer are subject to proration as described in the Offer to Purchase and Circular and Notices of Variations (each as defined below).\n \n \n Of the\n \n $160,000,000\n \n in aggregate principal amount of Original Debentures expected to be taken up under the Offer, Dye & Durham will (i) pay\n \n $36,144,000\n \n in cash in consideration of\n \n $48,000,000\n \n in principal amount of Original Debentures for which a cash consideration election was made; and (ii) issue\n \n $140,000,000\n \n in principal amount of 6.50% senior unsecured extendible convertible debentures due\n \n November 1, 2028\n \n (the \"\n \n New Debentures\n \n \") in consideration of\n \n $112,000,000\n \n in principal amount of Original Debentures for which a New Debenture election was made.\n \n \n Original Debentures purchased under the Offer represent approximately 46.4% of the issued and outstanding principal amount of Original Debentures as at\n \n October 20, 2023\n \n , the date the Offer was publicly announced. After giving effect to the Offer,\n \n $185,000,000\n \n in principal amount of Original Debentures will be issued and outstanding and\n \n $160,425,000\n \n in principal amount of New Debentures (including p...