Business
Dye & Durham offers to buy back up to $52 million of convertible debentures with extra cash on hand
Dye & Durham offers to buy back up to $52 million of convertible debentures with extra cash o...
About this update from Dye & Durham Ltd.
[{"type":"text","content":"\n \n \n \n Dye & Durham offers to buy back up to $52 million of convertible debentures with extra cash on hand\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 offers to buy back up to $52 million of convertible debentures with extra cash on hand\n \n \n Canada NewsWire\n \n \n \n \n \n \n Buyback offer being made at between\n \n $500\n \n and\n \n $650\n \n per\n \n $1,000\n \n of face value of debenture\n \n \n \n \n Offer would pay down up to\n \n $52 million\n \n of overall debt consistent with strategy to reduce total debt over time\n \n \n \n \n Debt reduction is above and beyond the announced senior debt reduction through the Company's use of the up-front net proceeds to be received from the sale of TM Group\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n July 24, 2023\n \n \n /CNW/ - Dye & Durham Limited (\"\n \n Dye & Durham\n \n \" or the \"\n \n Company\n \n \") (TSX: DND), one of the world's largest providers of cloud-based legal practice management software designed to make managing a law firm, organizing cases, and collaborating with clients easy, today announced its board of directors has approved the commencement of a substantial issuer bid (the \"\n \n Offer\n \n \") under which the Company will offer to repurchase for cancellation up to\n \n $52,000,000\n \n of its issued and outstanding 3.75% convertible senior unsecured debentures due\n \n March 1, 2026\n \n (\"\n \n Debentures\n \n \").\n \n \n \"We are pleased to announce this convertible debenture buyback. The strong financial performance and cash generation profile of our business enable us to opportunistically reduce our debt while continuing to pursue a disciplined M&A strategy,\" said Dye & Durham CEO\n \n Matthew Proud\n \n . \"This offer, along with our broader strategy of reducing our total debt leverage ratio over time, will give us greater financial flexibility as we continue to build Dye & Durham into a global legal technology leader.\"\n \n \n The Offer is planned to be sourced through cash on hand. The Offer would pay down up to\n \n $52 m...