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BRIEF-Greenhill announces plan for recapitalization and major share repurchase
September 25, 2017 / 9:35 PM / 3 months ago

BRIEF-Greenhill announces plan for recapitalization and major share repurchase

Sept 25 (Reuters) - Greenhill & Co Inc

* Greenhill announces plan for recapitalization and major share repurchase

* Greenhill & Co Inc - ‍plan to borrow $300 million in a term loan b (“TLB”) financing led by goldman sachs​

* Greenhill & Co Inc - ‍chairman and chief executive officer each to purchase $10 million in newly issued common stock​

* Greenhill & Co Inc - ‍loan and equity proceeds to be used to repay all existing debt and repurchase up to $235 million of common stock​

* Greenhill & Co Inc - ‍plan to shortly launch a tender offer to repurchase up to 9 million shares at a price of $17.00 per share​

* Greenhill & Co Inc - ‍quarterly dividend to be substantially reduced or eliminated in order to focus future cash flow on debt repayment-​

* Greenhill & Co Inc - ‍firm operations, strategy and all aspects of service to clients globally remain unchanged​

* Greenhill & Co-post tender offer completion remainder of $235 million share repurchase program seen to be implemented through open market purchases Source text for Eikon: Further company coverage:

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