Monday, November 28, 2005 11:43:16 AM
Monday November 28, 9:47 am ET
PRG-Schultz to Get $8 Million in Bridge Financing As Company Restructures Notes
ATLANTA (AP) -- PRG-Schultz International Inc., a provider of audit services for retailers, said Monday that two of its debt holders have agreed to lend it $8 million as it works to restructure its finances.
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The company said Parkcentral Global Hub, Blum Strategic Partners II, and some of their affiliates have agreed to lend the funds, pending a restructuring of the company's 4.75 percent convertible notes due Nov. 26, 2006. PRG-Schultz said the temporary loan will allow it to stay current on its public debt and provide additional working capital.
PRG-Schultz is in talks with several of its debt holders, including affiliates of Parkcentral and Blum, over how to restructure terms of its convertible notes. PRG-Schultz said the talks are ongoing, and it expects to reach an agreement with the group in the near future.
The bridge loan will mature on May 15, 2006, or when PRG-Schultz finishes restructuring its notes, whichever comes first, it said. The company will use the loan to pay interest on the notes, and for other general needs, it said.
PRG-Schultz shares rose 13 cents, or 41.9 percent, to 44 cents in morning trading on Nasdaq. The stock has traded between 24 cents and $5.79 over the past 52 weeks.
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