Dye & Durham plans to buy back 3.75% convertible debentures due 2026

By Marisa Wong

Los Angeles, April 1 – Dye & Durham Ltd. announced that it intends to make an offer, by way of a substantial issuer bid, to acquire some or all of its outstanding 3.75% convertible senior debentures due 2026, according to a press release.

The offer is subject to the closing of Dye & Durham’s previously announced refinancing transactions. The terms of the debenture buyback will be announced if and when the offer starts.

In order to finance the offer, the company will place C$185 million of the proceeds from the refinancing transactions in an escrow account, and 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 Toronto-based provider of cloud-based legal practice management software.

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