CCC Information Services Group Inc. Commences $20 Million Rights Offering and Closes on $30 Million Revolving Credit Facility.Business Editors CHICAGO--(BUSINESS WIRE)--Nov. 30, 2001 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 ) announced today that it is commencing a $20 million rights offering for up to 3,636,364 shares of its common stock pursuant to an effective shelf registration statement previously filed with the Securities and Exchange Commission on July 27, 2001. In connection with the commencement of the rights offering, the Company's subsidiary, CCC Information Services Inc., announced that it has closed on 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 two of its existing lenders, 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, to replace the Company's existing credit facility. 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 will receive one transferable right for each share of common stock or warrant held. Holders of rights will be entitled to purchase one share of the Company's common stock for every 6.33949 rights held, at a subscription price of $5.50 per share. The rights have been approved to trade on the Nasdaq National Market System under the symbol "CCCGR" until December 28, 2001. The rights offering will expire at 5:00 p.m. Eastern Time on December 28, 2001, unless the Company decides, in its sole discretion, to extend the expiration date Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist. Notes: The expiration date for all listed stock options in the U.S. . Written prospectuses are being distributed to all holders of common stock and warrants to purchase common stock, which will contain a description of the terms and conditions of the rights offering and other relevant information. In order to permit the Company to close the new credit facility, three of the Company's largest institutional stockholders, White River Ventures, Inc., Capricorn Investors II, L.P. and Capricorn Investors III, L.P., have agreed to purchase in a private placement the aggregate amount of common stock that they would otherwise have purchased in the rights offering on a 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. basis. They have also agreed to purchase all of the shares not subscribed for by the Company's other stockholders or warrant holders, for an aggregate amount of up to $20 million. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state or jurisdiction. About CCC CCC Information Services Group Inc. (NASDAQ: CCCG), is a holding company that operates through its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , CCC Information Services Inc. CCC Information Services Inc., 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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