CCC Information Services Group Inc. Announces Completion of $20 Million Rights Offering.Business Editors CHICAGO--(BUSINESS WIRE)--Jan. 9, 2002 CCC CCC A very speculative grade assigned to a debt obligation by a rating agency. Such a rating indicates default or considerable doubt that interest will be paid or principal repaid. Also called Caa. Information Services See Information Systems. Group Inc. (Nasdaq: CCCG CCCG Canadian Conference on Computational Geometry CCCG Climate Change Co-ordinating Group ) today announced that it has successfully completed its previously announced rights offering. The rights offering closed as scheduled on December 28, 2001 and raised gross proceeds before expenses of $20 million, with 3,636,364 shares of common stock being issued at a subscription price of $5.50 per share. The rights offering was made in connection with the closing of a new, three-year $30 million, revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility with LaSalle Bank LaSalle Bank Corporation is the holding company for LaSalle Bank N.A. and LaSalle Bank Midwest N.A. With $116 billion in assets, it is headquartered at 135 South LaSalle Street in Chicago, Illinois. and Harris Bank. Under the terms of the rights offering, each holder of record of common stock and warrants as of the close of business on November 20, 2001 received one transferable right for each share of common stock or warrant held. Holders of rights were entitled to purchase one share of the Company's common stock for every 6.33949 rights held, at the subscription price of $5.50 per share. Pursuant to a backstop agreement, and in addition to their pro rata [Latin, Proportionately.] A phrase that describes a division made according to a certain rate, percentage, or share. In a Bankruptcy case, when the debtor is insolvent, creditors generally agree to accept a pro rata share of what is owed to them. share of the rights offering, three of the Company's largest institutional stockholders, White River Ventures, Inc., Capricorn Investors II, L.P. and Capricorn Investors III, L.P., purchased for approximately $1.8 million a combined total of 327,533 shares, or approximately 9% of total shares issued in the rights offering, of CCC's common stock. This represents all of the shares that were not subscribed for by the Company's other rights holders. About the Company CCC Information Services Group Inc. (NASDAQ: CCCG), headquartered in Chicago, is a leading supplier of advanced software, communications systems In telecommunication, a communications system is a collection of individual communications networks, transmission systems, relay stations, tributary stations, and data terminal equipment (DTE) usually capable of interconnection and interoperation to form an integrated whole. , Internet and wireless-enabled technology solutions to the automotive claims and collision repair industries. Its technology-based products and services optimize efficiency throughout the entire claims management supply chain and facilitate communication amongst 14,800 collision repair facilities, 350 insurance companies, and a range of industry participants. For more information about CCC Information Services, visit our Web site at www.cccis.com. |
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