08:55 AM EST, 11/22/2024 (MT Newswires) -- Dye & Durham ( DYNDF ) , a global provider of cloud-based legal practice management software, reported Friday a decrease in the applicable interest rate spread on its loan facility.

This comes days after the company provided an update on its strategic review process, with its board of directors deciding to pause "the consideration of additional opportunities to enhance shareholder value that may include, but are not limited to, a sale of the company, merger, divestiture of assets, or other strategic transactions."

Dye & Durham ( DYNDF ) said the applicable interest rate spread on the its USD$350 million aggregate principal amount senior secured term loan B facility was reduced to 4.00% from 4.25%, as of Nov. 11.

The company said the reduced applicable interest rate spread is the result of its strong underlying performance and lower overall net debt.

Dye & Durham ( DYNDF ) noted that it expects to generate an annualized net interest cost savings of $20 million after completing refinancing transactions in April.

The company's share price fell 2.7% yesterday to $17.92 on the Toronto Stock Exchange.