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Special Dividend
6 Months Ended
Jun. 30, 2013
Special Dividend  
Special Dividend

Note 5—Special Dividend

 

On June 13, 2013, the Company’s Board of Directors declared a one-time special cash dividend (the “Special Dividend”) of $9.00 per share payable on each Common Share to stockholders of record at the close of business on July 1, 2013 (the “Dividend Record Date”). Based on the 52,237,055 shares of common stock outstanding on the Dividend Record Date, the dividend totaled $470.1 million and was accrued as a liability, “Dividends payable”, on the accompanying condensed consolidated balance sheet as of June 30, 2013. The dividend reduced additional paid-in capital as the Company did not have retained earnings. With the exception of the Special Dividend, Advent has not historically declared any cash dividends and currently has no plans to pay cash dividends in the future.

 

The Company financed the Special Dividend with cash and cash equivalents and investments in marketable securities as well as borrowings on its Restated Credit Agreement. Refer to Note 10, “Debt” for additional information about the Company’s Restated Credit Agreement. On July 9, 2013, the Special Dividend was paid to stockholders.