CBIZ Announces Settlement Method Of 4.875% Convertible Senior Subordinated Notes Due October 1, 2015
CLEVELAND, Oct. 1, 2015 /PRNewswire/ -- CBIZ, Inc. (NYSE: CBZ) (the "Company") confirmed today that it will settle the $48.4 million outstanding principal amount of its 4.875% Convertible Senior Subordinated Notes ("Notes") (CUSIP: No. 124805AC6) due October 1, 2015, in cash.
CBIZ has received notice of conversion from all holders of the $48.4 million Notes outstanding. Holders will receive $1,000 in cash for each $1,000 principal amount of Notes. Any premium above par value will also be paid in cash. The conversion value of the Notes will be determined by a cash averaging period that begins on October 5, 2015, and runs through October 30, 2015. The Company expects to settle all payments in cash on November 4, 2015.
Named one of America's 2015 Best Employers and ranked as the #1 employer in the consulting and accounting industry by Forbes magazine, CBIZ, Inc. provides professional business services that help clients better manage their finances and employees. CBIZ provides its clients with financial services including accounting, tax, financial advisory, government health care consulting, risk advisory, real estate consulting, and valuation services. Employee services include employee benefits consulting, property and casualty insurance, retirement plan consulting, payroll, life insurance, HR consulting, and executive recruitment. As one of the largest accounting, insurance brokerage and valuation companies in the United States, the Company's services are provided through more than 100 Company offices in 34 states.
Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include, but are not limited to, the Company's ability to adequately manage and sustain its growth; the Company's dependence on the current trend of outsourcing business services; the Company's dependence on the services of its CEO and other key employees; competitive pricing pressures; general business and economic conditions; and changes in governmental regulation and tax laws affecting the Company's insurance business or its business services operations. A more detailed description of such risks and uncertainties may be found in the Company's filings with the Securities and Exchange Commission.
SOURCE CBIZ, Inc.
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