Patriot National (PN) Declares $2.50 Special Dividend; Adds $25M to Stock Buyback Authorization
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Patriot National (PN) Closes New Credit Facility; Announces Special Dividend, Stock Buyback Hike; Updates on Growth Plan
November 14, 2016 6:49 AM ESTPatriot National, Inc. (NYSE: PN) announced that it has closed a new credit facility with Cerberus Business Finance, LLC to recapitalize the Company. The Company also announced a significant capital distribution to shareholders, and an expansion of its share repurchase program.
Highlights
Company closes new $250 million term loan and $30 million revolving credit line with Cerberus Business Finance, an affiliate of Cerberus Capital Management, L.P.Board of Directors approves a special dividend of $2.50 per share of common... MorePatriot National (PN) Misses Q3 EPS by 15c; Previous FY16 Guidance Withdrawn
November 14, 2016 6:46 AM ESTPatriot National (NYSE: PN) reported Q3 EPS of $0.12, $0.15 worse than the analyst estimate of $0.27. Revenue for the quarter came in at $60.2 million versus the consensus estimate of $70.19 million.
Outlook
The Company has withdrawn its previously issued financial guidance for 2016 and... More
