Now, for the substance of the call, I’d like to hand the call over to Ed Evans, Inteliquent’s CEO.
G. Edward Evans
Thank you, Richard, and good morning, everyone. Thank you for joining us today to discuss our second quarter results. Today, I’ll provide a brief summary of our operational results for the second quarter. Surendra Saboo, our President and COO, will take you through a more detailed look at our operational performance; and then Rob Junkroski, our CFO, will provide a detailed review of our financial performance. We will provide time for questions following the prepared comments.
Before I discuss our performance for the second quarter, I’d like to update you on the proposed dividend recapitalization and discretionary stock repurchase program we announced earlier today. Our Board of Directors regularly review strategic alternatives available to enhance shareholder value. Several months ago, our Board of Directors took the additional step of forming a Special Committee to review the strategic options available to the company. The Special Committee with significant input from the management team presented the results of its review to the full Board at a recent Board meeting.
The review of our options was wide ranging including a possible sale of the company, merger and acquisition opportunities, recapitalization options, as well as balance sheet efficiency. The Special Committee engaged Lazard as its financial advisor and Kirkland & Ellis as its legal advisor.
During our most recent Board meeting, the Special Committee recommended and the full Board approved our intention to move forward with the dividend recapitalization and discretionary stock repurchase program.The proposed recapitalization plan will include raising $75 million to $100 million in debt through a new Term A loan. The proceeds of the loan will be combined with $80 million of cash on our balance sheet, and will be paid out as a special one-time dividend to shareholders. Assuming we are successful in raising the $75 million to $100 in new debt, the one-time cash dividend would be in a range of approximately $4.80 to $5.65 per share.