Dye & Durham Upsizes Credit Facility to $700 Million
TORONTO, March 23, 2021 /CNW/ - Dye & Durham Limited ("Dye & Durham" or the "Company") (TSX: DND), a leading provider of cloud-based software and technology solutions designed to improve efficiency and increase productivity for legal and business professionals, today announced that it has amended its existing financing arrangement, increasing the Company's total borrowing capacity to $700 million, comprised of a term loan of $245 million and a revolving facility of $455 million. The entire financing arrangement now matures on September 25, 2024.
"Combined with cash on hand, this amended credit facility provides the Company with access to over $1.0 billion in capital to execute against strategic opportunities in our acquisition pipeline," said Matt Proud, Chief Executive Officer of Dye & Durham. "We see a clear path to increasing the value we deliver to customers as we execute against the next phase of our strategic plan, of which acquisitions will be a critical component."
Currently, $245 million of the term loan is drawn, and the full amount of the $455 million revolving facility is available, subject to the customary terms of the second amended and restated credit agreement governing the financing arrangement, which will be available on the Company's Sedar profile at sedar.com.
About Dye & Durham
Dye & Durham is a leading provider of cloud-based software and technology solutions designed to improve efficiency and increase productivity for legal and business professionals. Dye & Durham provides critical information services and workflows, which clients use to manage their process, information and regulatory requirements. The Company has operations in Canada, the United Kingdom, Ireland and Australia, and has a strong blue-chip customer base that includes law firms, financial service institutions, and government organizations. Additional information can be found at www.dyedurham.com.
Forward-looking Statements
This press release may contain forward-looking information within the meaning of applicable securities laws, which reflects the Company's current expectations regarding future events. In some cases, but not necessarily in all cases, forward-looking statements can be identified by the use of forward looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "is positioned", "estimates", "intends", "assumes", "anticipates" or "does not anticipate" or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved". In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking statements. Forward-looking statements are not historical facts, nor guarantees or assurances of future performance but instead represent management's current beliefs, expectations, estimates and projections regarding future events and operating performance and include, without limitation, statements regarding the Company's increased financial flexibility, the continued pursuit of its growth strategy, its ability to capitalize on acquisition opportunities, and continued success in executing its growth and strategic plans.
Forward-looking information is based on a number of assumptions, including without limitation that the Company's business will continue to perform in a manner consistent with past practice, it will effect its strategic plan as effected and that the increased credit facility will have a positive impact on its financial position. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict, and are subject to a number of risks and uncertainties, many of which are beyond the Company's control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under "Risk Factors" in the prospectus supplement of the Company dated November 18, 2020 to the short-form base shelf prospectus (including the documents incorporate therein) of the Company dated November 18, 2020. Dye & Durham does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
SOURCE Dye & Durham Limited
Adam Peeler, LodeRock Advisors Inc., [email protected], 416.427.1235
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