The Globe and Mail reports in its Saturday, April 6, edition that Dye & Durham, the acquisitive, heavily indebted legal software vendor, said on Friday it had priced a series of refinancing transactions that will provide it with greater fiscal flexibility. The Globe's Sean Silcoff writes that Dye & Durham has been under pressure to improve its flagging share price, which has been dragged down in part by its high indebtedness and weakness in the real estate market. The company's ratio of debt to operating profit over the 12 months ended Dec. 21 was 6.3, deemed "high" by Moody's Canada last week, although the company cut its leverage slightly with a $139.5-million bought deal stock offering in February. In March, Dye & Durham revealed activist hedge fund Engine Capital, which typically targets undervalued companies, had requested a meeting of its shareholders. The hedge fund, which owns 5.1 per cent of its stock, is looking to secure three of the seven seats on the company's board. Debt service has been a big weight on Dye & Durham: Net financing costs in its second quarter ended Dec. 31 were $49.1-million, or 44.5 per cent of revenues, up from 36 per cent of revenues a year earlier.