Via News Release
“The Dolan Company (NYSE:DM), a leading provider of services and business information to professionals in law, finance and real estate, said today it has secured a new five-year credit facility of $205 million that could expand to $250 million in the future.
The $205 million facility, which represents an increase from the company’s current $178 million facility, includes a $155 million revolving credit facility and a $50 million term loan. A $45 million expansion, or “accordion” provision, will allow The Dolan Company to increase borrowings for up to $45 million more under certain conditions. The debt is intended to fund working capital, growth initiatives, and strategic acquisitions.”
The Company also announced a stock buyback authorization for the repurchase of up to 2 million shares at market price.