Dye & Durham increases, extends offer for 3.75% convertibles

By Mary Katherine Stinson

Lexington, Ky., Jan. 5 – Dye & Durham Ltd. issued a notice of variation and extension dated Jan. 4, which modifies the company’s substantial issuer bid for its 3.75% convertible debentures due 2026, according to a press release.

The company is offering to acquire up to C$160 million of the original debentures, which was increased from C$100 million. For each C$1,000 existing convertible the company is offering C$753 in cash up to a maximum of C$36,144,000, C$1,250 principal amount of new 6.5% extendible convertibles due Nov. 1, 2028 up to a maximum of C$140 million (increased from C$65 million) or a combination of cash and new debentures.

In addition, the company has extended the expiration of the offer to 5 p.m. ET on Jan. 15.

Additionally, Dye & Durham has entered into a written agreement with Canaccord Genuity Corp. to extend the initial maturity date of its outstanding new debentures to Jan. 22, 2024 from Jan. 12, 2024, or, if earlier, the date on which the company notifies the trustee that it will not be proceeding with the offer.

The company has also amended and restated a previous support agreement. Debenture holders signing support agreements have agreed to tender approximately C$143.48 million of original debentures in the offer.

All other terms of the offer remain unchanged.

Dye & Durham is a provider of cloud-based software and technology solutions for legal and business professionals. The company is based in Vancouver, B.C.

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