Hyland to Take on Debt to Pay Shareholders Planned $131M Dividend Distribution Signals Investor Confidence in Westlake Software Firm

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Hyland to Take on Debt to Pay Shareholders Planned $131M Dividend Distribution Signals Investor Confidence in Westlake Software Firm 20101213-NEWS--1-NAT-CCI-CL_-- 12/10/2010 1:17 PM Page 1 Vol. 31, No. 49 $1.50/DECEMBER 13 - 19, 2010 Hyland to take on debt to pay shareholders Planned $131M dividend distribution signals investor confidence in Westlake software firm By CHUCK SODER credit rating reports issued by [email protected] Moody’s Investors Services and Standard & Poor’s Ratings Services. Hyland Software Inc. plans to Transactions in which a company take on $225 million in debt that it takes on debt to pay shareholders would use to fund a $131 million were rare during the worst of dividend payment to shareholders the economic downturn but have and to refinance existing loans. grown in popularity over the past The Westlake-based document few months, particularly among management software company companies owned by private equity plans to secure a $205 million firms. Thoma Bravo, a private equity senior secured term loan that would firm with offices in Chicago and San be due in 2016 as well as a $20 Francisco, bought a majority stake million secured revolving credit in Hyland Software in mid-2007. facility due in 2015, according to See HYLAND Page 22 INSIDE 12 Days of a Cleveland Christmas You need some serious cash to afford all the gifts of the 12 Days of Christmas, Cleveland-style. Following in the spirit of GETTING LOADED the annual PNC Christmas Price Index, we determine how much various Cleveland-centric gifts would cost you, from Browns tickets to rock stars and beer. Check out the Port officials take a shot at diverting some imported localized lyrics and our gift list on Page 3. liquor shipments from East Coast to Cleveland By JAY MILLER A spokeswoman for the Ohio Nonprofits keep fingers [email protected] Division of Liquor Control said rohibition-era bootleg- her agency convened a meeting crossed through holidays gers used to “import” in Columbus on Oct. 20 to open Canadian whiskey from the discussion with spirits Organizations close in on fundraising goals importers about the feasibility across Lake Erie under By TIMOTHY MAGAW last few years to continue to loosen Pcover of darkness to speakeasies. of rerouting shipments of [email protected] over the holiday season. Many raise scotch, vodka and other a large chunk of their revenue — Now, the Cleveland-Cuya- The holiday months are a key some as much as 50% — during the hoga County Port Authority liquors. The shipments, now fundraising period for many of months around the holidays, and and International Longshore- received at East Coast ports, Northeast Ohio’s nonprofits and they’re ramping up their marketing could be sent up the St. charities, and so far this year, many efforts. men’s Association want to — but not all — say they’re on track “This is a very crucial time, and bring imported liquor from Lawrence Seaway to the docks to meet or exceed their targeted nonprofits are realizing they can’t of the Port of Cleveland. goals. just sit and wait for checks to come overseas into the Port of Cleve- Giving hasn’t rebounded to pre- in the mail in December,” said land in broad daylight. See LIQUOR Page 9 recession levels, but many nonprofits Kathy Bergh, program director for are counting on the fundraising vise the certificate of nonprofit and that hampered their efforts over the See GIVING Page 8 SPECIAL SECTION 49 6 SMALL BUSINESS NEWSPAPER Entrepreneurs give back by donating a portion of 71486 01032 their revenues to charities ■ Page 13 0 PLUS: RAISES RISE ■ STONE CARVERS ■ TAX TIPS ■ & MORE 20101213-NEWS--2-NAT-CCI-CL_-- 12/10/2010 11:08 AM Page 1 2 CRAIN’S CLEVELAND BUSINESS WWW.CRAINSCLEVELAND.COM DECEMBER 13 - 19, 2010 CORRECTION COMING UP HOW WE SPEND IT A Dec. 6, Page 7 story misstated the Households in the Cleveland-Akron area spent an average of $45,844 on living percentage that independent This year’s expenses in 2009, a figure that’s 8% lower than the national average of $49,778. physicians must pay of their an- Book of Lists, The biggest area of expenditure was housing (including utilities), where the average nual cash collections to join the which publishes Northeast Ohio household spent $15,483, accounting for 33.8% of total house- 700 W. St. Clair Ave., Suite 310, Sisters of Charity Health Sys- hold spending. Northeast Ohioans allocate their dollars in eight major categories Cleveland, OH 44113-1230 tem’s physician alignment sub- Dec. 20, — representing 93% of household spending — in similar fashion to their counter- Phone: (216) 522-1383 Fax: (216) 694-4264 sidiary, Independent Physician features 44 parts nationwide, though more is spent here on health care and insurance: www.crainscleveland.com Solutions. Physician practices lists, including earning $600,000 or less must Share of household Share of household Publisher/editorial director: pay 7.75%, while those earning our Health Category Brian D. Tucker ([email protected]) expenditures in U.S. expenditures in NEO Editor: more than that must pay 6.75%. Care Directory, Mark Dodosh ([email protected]) and thousands Housing 34.2% 33.8% Managing editor: REGULAR FEATURES Scott Suttell ([email protected]) of contacts with area Transportation 16.3 15.3 Sections editor: Classified ................21-22 organizations. And on Amy Ann Stoessel ([email protected]) Food 12.9 12.5 Assistant editors: Joel Hammond ([email protected]) Editorial .......................10 Jan. 3, Crain’s will publish Insurance and pensions 11.1 12.2 Going Places ................12 our 2011 Economic Sports Health care 6.1 7.1 Kathy Carr ([email protected]) Letters .........................11 Outlook section that looks Marketing and food Entertainment 5.6 5.3 Senior reporter: List: Banks, savings at emerging sectors and Stan Bullard ([email protected]) Real estate and construction institutions............18, 20 issues in Northeast Ohio. SOURCE: U.S. BUREAU OF LABOR STATISTICS Reporters: Jay Miller ([email protected]) Government Chuck Soder ([email protected]) Technology Dan Shingler ([email protected]) Manufacturing Tim Magaw ([email protected]) Health care & education Michelle Park ([email protected]) Finance Research editor: Deborah W. Hillyer ([email protected]) Cartoonist/illustrator: Rich Williams Marketing/Events manager: Christian Hendricks ([email protected]) Marketing/Events Coordinator: Jessica Snyder ([email protected]) Advertising sales director: Mike Malley ([email protected]) Account executives: Adam Mandell ([email protected]) Side by side. Dirk Kruger ([email protected]) Nicole Mastrangelo ([email protected]) Dawn Donegan ([email protected]) Quarter by quarter. Business development manager & classified advertising: Year after year. Genny Donley ([email protected]) Office coordinator: Toni Coleman ([email protected]) Opportunity at every step. Production manager: Craig L. Mackey ([email protected]) Production assistant/video editor: Steven Bennett ([email protected]) Graphic designer: Kristen Wilson ([email protected]) Billing: Susan Jaranowski, 313-446-6024 ([email protected]) Credit: Todd Masura, 313-446-6097 $36,000,000 $42,000,000 $250,000,000 $400,000,000 $125,000,000 ([email protected]) Revolving Line of Credit Revolving Line of Credit Revolving Credit Facility Senior Notes Revolving Credit Facility Circulation manager: Erin Miller ([email protected]) and Term Loan and Term Loan Customer service manager: Lead Arranger and Brenda Johnson-Brantley (bjohnson-brantley@ crain.com) 1-877-824-9373 Administrative Agent Sole Lender Joint Lead Arranger Joint Bookrunner Sole Lead Arranger January 2010 March 2010 March 2010 April 2010 June 2010 Crain Communications Inc. Keith E. Crain: Chairman Rance Crain: President Merrilee Crain: Secretary $200,000,000 $30,000,000 $350,000,000 $377,000,000 $110,000,000 Mary Kay Crain: Treasurer Increase and Extension of Senior Secured Revolver Revolving Credit Facility Revolving Line of Credit Revolving Line of Credit William A. Morrow: Senior Secured Revolver and Term Loan and Term Loan Executive vice president/operations and Term Loan Brian D. Tucker: Vice president Joint Lead Arranger and Joint Lead Arranger and Lead Arranger and Robert C. Adams: Administrative Agent Sole Senior Lender Syndication Agent Documentation Agent Syndication Agent Group vice president technology, circulation, manufacturing June 2010 June 2010 August 2010 September 2010 October 2010 Paul Dalpiaz: Chief Information Officer Dave Kamis: Vice president/production & manufacturing Kathy Henry: We’re committed to Ohio. That’s why we’re helping companies here navigate changing market cycles and create new Corporate circulation/audience development director opportunities for success. Our client managers are trusted partners who work with you to understand your business G.D. Crain Jr. and seamlessly deliver customized solutions based on your unique needs. From term loans through revolving credit Founder (1885-1973) Mrs. G.D. Crain Jr. lines, let us help increase your financial flexibility and drive operational efficiencies. Chairman (1911-1996) Subscriptions: In Ohio: 1 year - $64, 2 year - $110. Outside Ohio: 1 year - $110, 2 year - $195. Single Joseph DiRocco copy, $1.50. Allow 4 weeks for change of address. Send all subscription correspondence to Circulation De- 1.216.925.5396 partment, Crain’s Cleveland Business, 1155 Gratiot Av- enue, Detroit, Michigan 48207-2912. 1-877-824-9373 or FAX (313) 446-6777. Reprints: Call 1-800-290-5460 Ext. 136 Audit Bureau of Circulation “ Bank of America Merrill Lynch” is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated, which is a registered broker-dealer and member of FINRA and SIPC, and, in other jurisdictions, locally registered entities.
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