Source: 6/9/2008

Pre-Paid Legal Completes 10 Mil Financing

Pre-Paid Legal Services, Inc. (NYSE: PPD) announced that we have received additional financing from Bank of Oklahoma for $10 million on an unsecured basis repayable in 12 equal monthly payments beginning June 30, 2008, together with interest at LIBOR plus 165 basis points. The $10 million has been funded and is immediately available to the Company and is in addition to existing debt of approximately $65 million.

We will use proceeds from the new financing to fund additional treasury stock purchases as we currently have Board authorization to purchase approximately 798,000 additional treasury shares. Since April 1999, the Company has purchased 13.2 million shares, totaling $385.3 million, or an average cost per share of $29.18 per share. As a result of this aggressive treasury stock purchase program, the Company has reduced shares outstanding by approximately 50% during this time.


Related News

  • Pre Paid Legal To Host Convention
    Following the recent announcement of the proposed merger acquisition by MidOcean Partners, Pre-Paid Legal Services, Inc. will march into the 2011 International Convention in Oklahoma City, April 7-9 with an ambitious agenda that focuses on both the future of the company and its history as a pioneer ...  Read More...
  • Finkelstein Thompson LLP Announces Investigation of Pre-Paid Legal Services
    WASHINGTON--(BUSINESS WIRE)--Finkelstein Thompson LLP is investigating potential claims on behalf of shareholders of Pre-Paid Legal Services, Inc. ("Pre-Paid Legal" or the "Company") (NYSE:PPD) concerning the proposed acquisition of the Company by MidOcean Partners. Under the terms of the offer, Pre...  Read More...
  • Pre-Paid Legal Announces Update on SEC Subpoena
    Pre-Paid Legal Services, Inc.announced that, as a part of an ongoing inquiry by the Division of Enforcement of the Securities and Exchange Commission ("SEC"), we received an additional subpoena from the SEC on April 13, 2010. The subpoena requests us to provide documents relating to certain membersh...  Read More...
  • Pre-Paid Legal documents subpoenaed by SEC
    In an April 15, 2010 article by The Associated Press, Pre-Paid Legal has been subpoenaed by the Securities and Exchange Commission to produce documents related to complaints by customers, CEO Harland C. Stonecipher's resignation, and other issues.Replacing the 71 year old Mr. Stonecipher are two ...  Read More...



New Companies on Npros

Receive News and
Updates from

 Send me news updates
 Send me New Companies

RSS Npros News Feed