Dolan Co., Minneapolis, has amended its senior lending agreement and restructured its Florida operations of National Default Exchange (NDeX). The company has amended its existing bank agreement with its current lending group to reset its covenant ratios and make certain other changes. The company also said it has restructured its NDeX Florida operations in order to provide its proprietary technology to the Albertelli law firm in consideration for licensing fees and other financial considerations. NDeX returned existing processing operations to the law firm. The company plans to record a non-cash, pre-tax charge for impairment of these assets of up to $165 million in the third quarter. Dolan noted that its third quarter revenue and adjusted EBITDA results from continuing operations, excluding non-recurring, non-cash charges, are expected to be modestly above the current analysts' estimates for the third quarter. Results were mostly affected by strength in the company's e-discovery business.
Apogee Enterprises Inc., Bloomington, declared a quarterly cash dividend of 9 cents per share, payable Nov. 14 to shareholders of record Oct. 30. The company has about 28.4 million shares outstanding.
Xcel Energy Inc., Minneapolis, said its Northern States Power Co.-Wisconsin subsidiary has closed an offering of $100 million in aggregate principal amount of 3.7 percent first mortgage bonds due Oct. 1, 2042. The bonds are redeemable at any time subject to certain "make whole" provisions prior to April 1, 2042. On or after this date, the Bonds are callable at par. Citigroup Global Markets Inc. and Mitsubishi UFJ Securities (USA) Inc. acted as joint book-running managers for the offering.PERSONNEL
The law firm of Foley & Mansfield has named Seymour Mansfield as a partner in its Minneapolis office. Mansfield was a founder and partner in the law firm of Mansfield Tanick & Cohen.