By Stephanie N. Rotondo
Phoenix, Jan. 24 - Dolan Co. priced $17.5 million of 8.5% series B cumulative perpetual preferred stock at a discount, according to an FWP filed with the Securities and Exchange Commission on Thursday.
The "best-efforts" offering was originally announced on Tuesday.
MLV & Co. LLC is the bookrunning manager.
The preferreds were sold at $23.00 each.
On or after April 1, 2018, the company can redeem the preferreds at par plus accrued dividends. In the event of a change of control, Dolan can call the preferreds within 120 days of the event at par plus accrued dividends.
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.
| Issuer: | Dolan Co.
|
| Securities: | Series B cumulative preferred stock
|
| Amount: | $17.5 million, or 700,000 shares
|
| Maturity: | Perpetual
|
| Bookrunner: | MLV & Co. LLC
|
| Co-managers: | Northland Capital Markets and Dougherty & Co.
|
| Dividend: | 8.5%, payable quarterly beginning April 1
|
| Price: | $23 per share
|
| Par: | $25 per share
|
| Call options: | On or after April 1, 2018 or within 120 days of a change of control at par
|
| Pricing date: | Jan. 24
|
| Settlement date: | Jan. 31
|
| Expected symbol: | NYSE: DMPB
|
| Cusip: | 25659P501
|
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