Dye & Durham Plans C$52 Million Convertible Debenture Buyback

By Robb M. Stewart

Dye & Durham has moved to pay down up to 52 million Canadian dollars ($39.3 million) of its debt as part of an effort to bolster its balance sheet over time, offering to buy back issued and outstanding 3.75% convertible senior secured debentures due March 1, 2026.

The offering will be funded from cash on hand and is above the debt cutting Dye & Durham has said it plans using the proceeds from the sale of its TM Group subsidiary in the U.K. to German alternative investment firm Aurelius.

The offer is expected to proceed by way of a modified Dutch auction, which will allow debenture holders who choose to participate to select the price, within a range, to tender their debentures. Dye & Durham said it is making the offer at between C$500 and C$650 per C$1,000 of debenture face value.

Last week, the provider of cloud-based legal practice management software said it surpassed C$100 million in annual recurring revenue, which it regards as a key marker of scale that positions it for growth.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

July 24, 2023 07:41 ET (11:41 GMT)

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