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Dye & Durham closes C$105 million revolving credit facility
By Marisa Wong
Los Angeles, April 11 – Dye & Durham Ltd. subsidiary Dye & Durham Corp. closed its C$105 million revolving credit facility, according to a Thursday press release.
The company also closed a previously announced $350 million senior secured term loan B and its $555 million issue of 8 5/8% senior secured notes due 2029.
In connection with the refinancing transactions and concurrently with closing, the company repaid all amounts outstanding under its credit agreement dated Dec. 31, 2021.
The company intends to use the remaining net proceeds of the offering of the new senior secured notes, together with the proceeds of the initial borrowings under the new senior secured credit facilities and cash on hand, to repurchase some or all of its 3.75% convertible senior debentures due 2026, as well as to finance working capital needs and for general corporate purposes.
The refinancing of the existing credit agreement addresses the risk that the existing credit agreement’s maturity would have accelerated in the event that any of the 2026 debentures remained outstanding as of Sept. 30, 2025.
After giving effect to the refinancing transactions, Dye & Durham’s total net senior debt to further adjusted EBITDA for the last 12 months ended Dec. 31 will be 3.54 times. The company’s total net debt to further adjusted EBITDA for the last 12 months ended Dec. 31, which includes the 2026 debentures and the company’s 6.5% senior extendible convertible debentures due Nov. 1, 2028, will be 4.78 times.
The company will place C$185 million of the proceeds from the refinancing transactions in an escrow account. That amount will be held until the earlier of the repurchase of all of the outstanding 2026 debentures or the maturity date of the 2026 debentures.
Dye & Durham is a provider of cloud-based software and technology solutions to law firms.
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