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.