TORONTO, April 1,
2024 /CNW/ - Dye & Durham Limited ("Dye &
Durham" or the "Company") (TSX: DND) today announced
that, subject to the closing of its previously announced
refinancing transactions (the "Refinancing Transactions"),
it intends to make an offer, by way of a substantial issuer bid
(the "Offer"), to acquire some or all of its outstanding
3.75% convertible senior unsecured debentures due 2026 (the "2026
Debentures"). The terms of the Offer will be announced if and when
the Offer is commenced.
In order to finance the Offer, Dye & Durham will place
C$185 million of the proceeds from
the Refinancing Transactions in an escrow account, which amount
will be held until the earlier of (a) the repurchase by Holdings of
all of the outstanding 2026 Debentures, or (b) the maturity date of
the 2026 Debentures.
Forward-looking Statements
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. Specifically,
forward-looking statements include, without limitation, statements
regarding the Refinancing Transactions and the expectations
regarding the Offer.
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,
including, without limitation, the risk that the Company is unable
to successfully complete the Refinancing Transactions, the risk
that the Offer is not made or is unsuccessful, and other factors
discussed under "Risk Factors" in Dye & Durham's most recent
annual information form. If any of these risks or uncertainties
materialize, or if the opinions, estimates or assumptions
underlying the forward-looking information prove incorrect, actual
results or future events might vary materially from those
anticipated in the forward-looking information. Although Dye &
Durham has attempted to identify important risk factors that could
cause actual results to differ materially from those contained in
forward-looking information, there may be other risk factors not
presently known to it or that it presently believes are not
material that could also cause actual results or future events to
differ materially from those expressed in such forward-looking
information.
There can be no assurance that such information will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such information. No
forward-looking statement is a guarantee of future results.
Accordingly, you should not place undue reliance on forward-looking
information, which speaks only as of the date made. The
forward-looking information contained in this press release
represents Dye & Durham's expectations as of the date specified
herein, and are subject to change after such date. However, Dye
& Durham disclaims any intention or obligation or undertaking
to update or revise any forward-looking information or to publicly
announce the results of any revisions to any of those statements,
whether as a result of new information, future events or otherwise,
except as required under applicable securities laws. Comparisons of
results for current and any prior periods are not intended to
express any future trends or indications of future performance,
unless specifically expressed as such, and should only be viewed as
historical data.
All of the forward-looking information contained in this press
release is expressly qualified by the foregoing cautionary
statements.
SOURCE Dye & Durham Limited