TALX Talx (MM)

TALX Corporation (NASDAQ: TALX) announced today that it has sold $75.0 million aggregate principal amount of 6.89% senior unsecured guaranteed notes due 2014 in a private placement to qualified institutional buyers. The company intends to use the proceeds to reduce debt outstanding under its revolving credit facility. TALX also amended and restated its revolving credit facility in connection with the debt placement to reduce the facility to $150 million and to provide an accordion feature that permits TALX to increase the facility to $200 million under certain circumstances. TALX's lenders released their security interests in substantially all of the assets of the company and its subsidiaries so that the new senior guaranteed notes rank equally with the credit facility as senior unsecured obligations. William W. Canfield, president and chief executive officer, commented, "TALX is pleased to complete this long-term financing arrangement on favorable terms. This new long-term financing decreases our exposure to interest rate fluctuations and locks in a portion of our total debt outstanding at a rate currently more favorable than our revolving credit facility." This debt placement was made only to qualified institutional buyers, as defined under Rule 144A of the Securities Act of 1933, as amended (the "Securities Act"). 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 in any jurisdiction in which such offering would be unlawful. The senior notes have not been registered under the Securities Act or the securities laws of any state and may not be offered or sold in the United States or outside the United States absent registration or an applicable exemption from the registration requirements under the Securities Act and any applicable state securities laws. TALX Corporation, based in St. Louis, Missouri, is a leading provider of human resource and payroll-related services and holds a leadership position in automated employment and income verification as well as unemployment tax management. TALX provides over 9,000 clients, including three-fourths of Fortune 500 companies, with Web-based services focused in three employment-related areas: hiring, pay reporting, and compliance. Hiring services include assessments and talent management, paperless new hires, and tax credits and incentives. Pay reporting services include electronic time tracking, paperless pay, and W-2 management. Compliance services include employment and income verifications through The Work Number, unemployment tax management, and I-9 management. The company's common stock trades in the Nasdaq National Market under the symbol TALX. For more information about TALX Corporation, call 314-214-7000 or access the company's Web site at www.talx.com.