Recent Stories

Court Upholds Huge Damages Verdict Against ViSalus
August 20, 2020 -- A federal judge recently upheld a $925 million judgement determined by a jury in April 2019 in a clas...8/20/2020

Kristi Hubbard Appointed Younique President
LEHI, Utah, July 8, 2020 -- Kristi Hubbard, a direct-selling executive leader with a strong record of success, has been ...7/10/2020

FTC Sends Warning Letters About False Health Claims
April 24, 2020 - The Federal Trade Commission sent letters warning 10 MLM companies to stop making claims about their pr...4/29/2020

Altair Acquisitions Acquires Wildtree
FRISCO, Texas, April 27, 2020 -- Altair Acquisitions, LLC ("Altair") announced today that it has acquired all of the mat...4/29/2020

Pampered Chef Partners with the American Cancer Society to Support Front-Line Workers
Pampered Chef and the American Cancer Society have announced they are partnering to support free temporary housing for f...4/29/2020

Source: Newswire 6/1/2006

Pre-Paid Legal Receives Loan for Stock Purchase

Pre-Paid Legal Services Receives Additional $10 Million Loan Commitment Proceeds to Be Used to Purchase Additional Treasury Stock ADA, Okla., June 1 /CNW/ -- Pre-Paid Legal Services, Inc. (NYSE: PPD) today announced that it has received from Bank of Oklahoma a commitment for $10 million in additional financing, which will be available as soon as a definitive agreement is finalized which is expected in the next few days. We expect to use proceeds from the financing to fund additional treasury stock purchases. We currently have Board authorization to purchase approximately 726,000 additional treasury shares. The commitment provides for funding of $10 million to finance stock repurchases with a single principal payment maturity date of December 1, 2006 and interest payable monthly at the 30 day LIBOR Rate plus three percent, adjusted monthly. The definitive agreement will contain normal financial and reporting covenants, similar to those in our previous lines of credit. The loan is primarily secured by our rights to receive membership fees on a portion of our memberships. Since April 1999, we have purchased 10.3 million shares, totaling $252.8 million, or an average cost per share of $24.61 per share. As a result of this aggressive treasury stock purchase program, we have reduced shares outstanding by 38% during this time.

View PRE PAID LEGAL SERVICES Review

Related News

Pre Paid Legal To Host Convention

Following the recent announcement of the proposed merger acquisition by MidOcean Partners, Pre-Paid Legal Services, Inc. will march into the 2011 International Convention in Oklahoma City, April 7-9 with an ambitious agenda that focuses on both the future of the company and its history as a pioneer ... Read More...

Finkelstein Thompson LLP Announces Investigation of Pre-Paid Legal Services

WASHINGTON--(BUSINESS WIRE)--Finkelstein Thompson LLP is investigating potential claims on behalf of shareholders of Pre-Paid Legal Services, Inc. ("Pre-Paid Legal" or the "Company") (NYSE:PPD) concerning the proposed acquisition of the Company by MidOcean Partners. Under the terms of the offer, Pre... Read More...

Pre-Paid Legal Announces Update on SEC Subpoena

Pre-Paid Legal Services, Inc.announced that, as a part of an ongoing inquiry by the Division of Enforcement of the Securities and Exchange Commission ("SEC"), we received an additional subpoena from the SEC on April 13, 2010. The subpoena requests us to provide documents relating to certain membersh... Read More...

Pre-Paid Legal documents subpoenaed by SEC

In an April 15, 2010 article by The Associated Press, Pre-Paid Legal has been subpoenaed by the Securities and Exchange Commission to produce documents related to complaints by customers, CEO Harland C. Stonecipher's resignation, and other issues.Replacing the 71 year old Mr. Stonecipher are two ... Read More...