Career Horizons completes $86.25 million convertible debt offering.WOODBURY, N.Y.--(BUSINESS WIRE)--Oct. 19, 1995--Career Horizons Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CARH CARH Council for Affordable and Rural Housing CARH Coalition for Affordable and Reliable Health Care CARH Community Assistance for the Retarded and Handicapped ), a leading provider of general and specialty supplemental staffing and health care personnel, today announced that it has successfully completed an $86.25 million private placement of convertible senior notes to certain qualified investors. The notes are not callable Callable Applies mainly to convertible securities. Redeemable by the issuer before the scheduled maturity under specific conditions and at a stated price, which usually begins at a premium to par and declines annually. for three years and will mature on Nov. 1, 2002. Interest on the notes is payable semi-annually, commencing May 1, 1996, at the rate of 7 percent per annum Per annum Yearly. . The notes will be convertible into shares of Career Horizons' Common Stock at an initial conversion price of $34.72 per share. Net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). , after the deduction of fees and expenses, are expected to be approximately $83.1 million. The proceeds will be used for general corporate purposes, including repayment of borrowings under the company's 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, which will continue to be available to the company, as well as for potential acquisitions. The notes have not been and will not be registered under the Securities Act of 1933 and may not be offered or sold within the United States absent registration or an available exemption from such registration requirements. This announcement does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale of any security in any jurisdiction in which such offer, solicitation or sale would be unlawful. CONTACT: Career Horizons Inc. Michael T. Druckman, 516/496-2300 or Lundy Associates Inc. Michael A. Lundy, 201/660-1100 |
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