GlobalSCAPE announces $3.35 per share special cash dividend, $5M buyback program
GlobalSCAPE announced it has entered into a five-year, $55M senior secured credit facility with a syndicate of banks led by J.P. Morgan. The new credit facility provides for a term loan facility in the principal amount of $50M and revolving commitments in an aggregate principal amount of $5M. The company also announced that its board of directors has authorized and declared a special cash dividend of $3.35 on each outstanding share of common stock. The record date for the special dividend is November 29, 2019, and the payment date for the dividend is December 5, 2019. Robert Alpert, Chairman of the Company's Board of Directors and Interim CEO, said, "I believe the new credit facility is a reflection of the Company's strong operating model and ability to generate significant free cash flow. Consistent with our goal of appropriately managing our capital structure, the Board of Directors authorized a special cash dividend of $3.35 per share of common stock as well as the repurchase of up to $5M of the company's outstanding shares. We will continue to consider other actions designed to enhance shareholder value."