/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR DISSEMINATION IN THE UNITED
STATES/
- Proceeds intended to be used for the repayment of
debt
- Offering is in line with the Company's stated goal to
delever the business
TORONTO, Jan. 17,
2024 /CNW/ - Dye & Durham Limited (the
"Company" or "Dye & Durham") (TSX: DND) announced
today that it has entered into an agreement with an underwriting
syndicate led by Canaccord Genuity Corp. (the "Lead
Underwriter" and collectively with the syndicate, the
"Underwriters") to complete a new issue, on a bought deal
basis, of an aggregate of 10,400,000 common shares at a purchase
price of C$12.10 per common share for
aggregate gross proceeds of approximately C$126 million (the "Offering").
The Company intends to use the net proceeds of the Offerings for
the repayment of debt.
The Offering is consistent with the Company's previously stated
goal to delever the business. Following closing of the Offering,
the Company will have made significant progress towards its target
of reducing its leverage ratio to less than four times total net
debt to adjusted EBITDA .
Closing of the Offering is expected to occur on or about
February 6, 2024, or such other date
as may be agreed upon by the Company and the Underwriters, subject
to customary closing conditions, including required approvals of
the Toronto Stock Exchange.
The Company has also granted the Underwriters an over-allotment
option, exercisable for a period of 30 days from the date of the
closing of the Offering, to purchase up to an additional 15% of the
aggregate common shares to be sold pursuant to the Offering.
No securities regulatory authority has either approved or
disapproved the contents of this press release. The common shares
have not been, and will not be, registered under the United States
Securities Act, of 1933, as amended (the "U.S. Securities
Act") or any state securities laws, and are being offered and
sold in the United States only to
persons reasonably believed to be qualified institutional buyers in
reliance on Rule 144A under the U.S. Securities Act. This press
release shall not constitute an offer to sell or the solicitation
of an offer to buy, nor shall there be any sale of the common
shares in any jurisdiction in which such offer, solicitation or
sale would be unlawful.
ABOUT DYE & DURHAM LIMITED
Dye & Durham Limited provides premiere practice management
solutions empowering legal professionals every day, delivers vital
data insights to support critical corporate transactions and
enables the essential payments infrastructure trusted by government
and financial institutions. The company has operations in
Canada, the United Kingdom, Ireland, and Australia.
Additional information can be found at www.dyedurham.com.
FORWARD LOOKING INFORMATION
This press release may contain forward-looking information
within the meaning of applicable securities laws, which reflects
Dye & Durham'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.
Forward-looking information is based on a number of assumptions
and is subject to a number of risks and uncertainties, many of
which are beyond Dye & Durham'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 Dye & Durham's most
recent annual information form and the factors to be discussed
under "Risk Factors" in the preliminary short form prospectus, when
available. 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