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Cabot Microelectronics (CCMP) Declares $15.00 Special Dividend; 29.5% Yield

February 14, 2012 7:55 AM EST
Cabot Microelectronics (Nasdaq: CCMP) declared a special dividend of $15.00 per share, or $15 annualized.

The dividend will be payable on March 1, 2012, to stockholders of record on February 23, 2012, an ex-dividend date has been set as March 2, 2012.

The annual yield on the dividend is 29.5 percent.

Under the terms of the new secured credit facility, the company has arranged a $175 million term loan facility that will be fully drawn to pay the special cash dividend, and a $100 million revolving credit facility, which the company expects to be initially undrawn. The term loan will bear interest at LIBOR plus 150 to 200 basis points and the revolving credit facility provides for a non-use fee of 25 to 35 basis points, both depending upon the company’s leverage ratio. The company expects to incur approximately $3 million of financing-related expense through the remainder of its fiscal year 2012, including interest and amortized financing fees.

For a dividend history and other dividend-related data on Cabot Microelectronics (CCMP) click here.


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