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$1.50/DECEMBER 13 - 19, 2010
Vol. 31, No. 49
Hyland to take on debt to pay shareholders Planned $131M dividend distribution signals investor confidence in Westlake software firm By CHUCK SODER csoder@crain.com
Hyland Software Inc. plans to take on $225 million in debt that it would use to fund a $131 million dividend payment to shareholders and to refinance existing loans. The Westlake-based document management software company plans to secure a $205 million senior secured term loan that would be due in 2016 as well as a $20 million secured revolving credit facility due in 2015, according to
credit rating reports issued by Moody’s Investors Services and Standard & Poor’s Ratings Services. Transactions in which a company takes on debt to pay shareholders were rare during the worst of the economic downturn but have grown in popularity over the past few months, particularly among companies owned by private equity firms. Thoma Bravo, a private equity firm with offices in Chicago and San Francisco, bought a majority stake in Hyland Software in mid-2007. See HYLAND Page 22
INSIDE 12 Days of a Cleveland Christmas
GETTING LOADED Port officials take a shot at diverting some imported liquor shipments from East Coast to Cleveland By JAY MILLER jmiller@crain.com
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rohibition-era bootleggers used to “import” Canadian whiskey from across Lake Erie under cover of darkness to speakeasies. Now, the Cleveland-Cuyahoga County Port Authority and International Longshoremen’s Association want to bring imported liquor from overseas into the Port of Cleveland in broad daylight.
A spokeswoman for the Ohio Division of Liquor Control said her agency convened a meeting in Columbus on Oct. 20 to open the discussion with spirits importers about the feasibility of rerouting shipments of scotch, vodka and other liquors. The shipments, now received at East Coast ports, could be sent up the St. Lawrence Seaway to the docks of the Port of Cleveland. See LIQUOR Page 9
You need some serious cash to afford all the gifts of the 12 Days of Christmas, Cleveland-style. Following in the spirit of 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 localized lyrics and our gift list on Page 3.
Nonprofits keep fingers crossed through holidays Organizations close in on fundraising goals By TIMOTHY MAGAW tmagaw@crain.com
The holiday months are a key fundraising period for many of Northeast Ohio’s nonprofits and charities, and so far this year, many — but not all — say they’re on track to meet or exceed their targeted goals. Giving hasn’t rebounded to prerecession levels, but many nonprofits are counting on the fundraising vise that hampered their efforts over the
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SMALL BUSINESS Entrepreneurs give back by donating a portion of their revenues to charities ■ Page 13 PLUS: RAISES RISE ■ STONE CARVERS ■ TAX TIPS ■ & MORE
last few years to continue to loosen over the holiday season. Many raise a large chunk of their revenue — some as much as 50% — during the months around the holidays, and they’re ramping up their marketing efforts. “This is a very crucial time, and nonprofits are realizing they can’t just sit and wait for checks to come in the mail in December,” said Kathy Bergh, program director for the certificate of nonprofit and See GIVING Page 8