CTPartners Announces New Debt Financing and Amendment to Credit Facility
April 08 2015 - 6:00PM
Business Wire
CTPartners today announced it has entered into a $12.5 million
aggregate principal amount second-lien note purchase agreement (the
“Note Purchase Agreement”) with a publicly traded insurance company
and an affiliate thereof. The notes are issuable in two tranches of
$6.25 million with the first tranche expected to close on or before
April 10, 2015. The second tranche of $6.25 million is scheduled to
close 90 days after the first funding, subject to certain
conditions set forth in the Note Purchase Agreement. The notes bear
interest at an adjusted LIBOR rate (as defined in the Note Purchase
Agreement) which is currently approximately 9% and mature in
2020.
The proceeds will be used for general corporate purposes and
working capital needs and will support the Company’s operating
strategy going forward.
In connection with the entry into the Note Purchase Agreement,
the Company entered into an amendment to its credit facility with
JPMorgan Chase Bank, N.A. For further information regarding the
Note Purchase Agreement and the amendment to the credit facility,
please refer to the Company’s current report on Form 8-K to be
filed with the Securities and Exchange Commission.
Additionally, the Company stated that it intends to file its
Form 10-K for the year ended on December 31st, 2014 on or before
April 15, 2015. On March 31st, the Company filed a Form 12b-25 to
extend its 10-K filing deadline while it concluded its discussions
with lenders.
About CTPartners
CTPartners is a leading global executive search firm that is
designed to deliver in-depth expertise, creative strategies, and
outstanding results to clients worldwide. Committed to a philosophy
of partnering with its clients, CTPartners offers a proven track
record in C-Suite, top executive, and board searches, as well as
extensive experience in serving private equity and venture capital
firms.
From its 44 offices in 24 countries, CTPartners serves clients
with a global organization of more than 500 professionals and
employees, offering expertise in board advisory services, key
leadership functions, and executive recruiting services in the
financial services, life sciences, industrial, professional
services, retail and consumer, and technology, media and telecom
industries.
Safe Harbor Statement
The following is a Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995: This press release
includes forward-looking statements. As a general matter,
forward-looking statements reflect our current expectations and
projections relating to our financial condition, results of
operations, plans, objectives, future performance and business.
These statements may be identified by the use of forward looking
terminology such as "outlook," "believes," "expects," "potential,"
"continues," "may," "will," "should," "seeks," "approximately,"
"predicts," "intends," "plans," "estimates," "anticipates," or the
negative version of those words or other comparable words, but the
absence of these words does not necessarily mean that a statement
is not forward-looking. The Private Securities Litigation
Reform Act of 1995 provides a safe harbor for the disclosure of
forward-looking statements.
The forward-looking statements contained in this press release
are based upon our historical performance, current plans,
estimates, expectations and other factors we believe are
appropriate under the circumstances. The inclusion of this
forward-looking information should not be regarded as a
representation by us that the future plans, estimates or
expectations contemplated by us will be achieved since these
forward-looking statements are subject to various risks and
uncertainties and assumptions relating to our operations, financial
results, financial condition, business prospects, growth strategy
and liquidity. If one or more of these or other risks or
uncertainties materialize, or if our underlying assumptions prove
to be incorrect, our actual results may vary materially from those
indicated in these statements. Some of the key uncertainties and
factors that could affect our future performance and cause actual
results to differ materially from those expressed or implied by
forward-looking statements are: the actual closing of the financing
transaction, and the satisfaction or non-satisfaction as applicable
of one or more conditions to the closing of the second tranche of
the financing transaction, our expectations regarding our revenues,
expenses and operations and our ability to sustain profitability;
our ability to recruit and retain qualified executive search
consultants to staff our operations appropriately; our ability to
successfully integrate new executive search consultants and
acquired search firms into our operations; our ability to expand
our customer base and relationships, especially given the off-limit
arrangements we are required to enter into with certain of our
clients; further declines in the global economy and our ability to
execute successfully through business cycles; our anticipated cash
needs; projected cost savings as a result of reorganization; our
anticipated growth strategies and sources of new revenues;
unanticipated trends and challenges in our business and the markets
in which we operate; social or political instability in markets
where we operate; the impact of foreign currency exchange rate
fluctuations; price competition; the ability to forecast, on a
quarterly basis, variable compensation accruals that ultimately are
determined based on the achievement of annual results; and the mix
of profit and loss by country in which we operate.
The above list should not be construed as exhaustive and should
be read in conjunction with the other cautionary statements that
are included in our annual report on Form 10-K filed on March
12, 2014. The forward looking statements included in this press
release are made only as of the date hereof. We do not undertake
any obligation to update or review any forward-looking statement,
whether as a result of new information, future developments or
otherwise. You should, however, review the factors and risks we
describe in the reports we will file from time to time with the
Securities and Exchange Commission.
CTPartnersWilliam J. Keneally, 216-682-3103Chief
Financial Officerwkeneally@ctnet.comorEVC GroupChris Dailey
or Robert Jones, 646-445-4801Investor
Relationscdailey@evcgroup.com
CTPartners Executive Sea... (CE) (USOTC:CTPR)
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