Dolan to sell 8.5% series B cumulative perpetual preferred stock

By Stephanie N. Rotondo

Phoenix, Jan. 22 - The Dolan Co. intends to sell 8.5% series B cumulative perpetual preferred stock via a "best efforts" offering, the company said in a prospectus filed with the Securities and Exchange Commission on Tuesday.

MLV & Co. LLC is the bookrunner. Northland Capital Markets and Dougherty & Co. are the co-managers.

Certain executives, directors and other key employees have expressed interest in purchasing up to $600,000 of the preferreds.

On or after 2018, the company can redeem the preferreds at par plus accrued dividends. In the event of a change of control, Dolan can call the shares within 120 days of the event, at par plus accrued dividends.

The company plans to list the preferreds on the New York Stock Exchange under the ticker symbol "DMPB."

Proceeds will be used to pay down a credit facility.

Dolan is a Minneapolis-based provider of professional services and business information to legal, financial and real estate sectors in the United States.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.