Dye & Durham Pays Down Debt, Strengthens Balance Sheet

Dye & Durham, a leading provider of cloud-based legal practice management software, has taken a significant step towards strengthening its balance sheet. The company has announced its intention to pay down up to 52 million Canadian dollars ($39.3 million) of its debt by buying back its issued and outstanding 3.75% convertible senior secured debentures due March 1, 2026.

To finance the buyback, Dye & Durham plans to use cash on hand. This move is in addition to the debt reduction strategy previously announced by the company, which involved the sale of its TM Group subsidiary in the U.K. to German alternative investment firm Aurelius.

The buyback offer will be conducted through a modified Dutch auction. This method allows debenture holders to choose the price, within a specified range, at which they want to tender their debentures. Dye & Durham has set the offer price between C$500 and C$650 per C$1,000 of debenture face value.

In other recent news, Dye & Durham celebrated a significant milestone by surpassing C$100 million in annual recurring revenue. This achievement highlights the company’s strong growth momentum and its position as an industry leader.

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