TALX Completes Private Placement of Unsecured Notes
May 25 2006 - 4:47PM
Business Wire
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.
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