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TMP Worldwide Closes $100 Million Credit Agreement
Fleet National Bank is a subsidiary of FleetBoston Financial (NYSE: FBF - News). LaSalle Bank National Association acted as documentation agent and the Royal Bank of Scotland plc acted as syndication agent in this transaction.
The secured revolving credit facility replaces the company's previous financing arrangement and will be used by TMP Worldwide for its ongoing working capital requirements and other corporate purposes. Under the credit facility, loans will bear interest, at TMP Worldwide's option, tied to the Prime Rate or to LIBOR rates.
"This substantial facility further strengthens TMP Worldwide's financial position. Furthermore, the credit facility will enable us to achieve our near-term financing objectives and provide us with the liquidity and flexibility to pursue future strategic opportunities," said Michael Sileck, Senior Vice President and Chief Financial Officer of TMP Worldwide.
About TMP Worldwide
Founded in 1967, TMP Worldwide Inc., with 4,500 employees in 22 countries, is the online recruitment leader and the world's largest Recruitment Advertising agency network. Headquartered in New York, TMP is also the parent company of Monster, the leading global careers website, the world's largest Yellow Pages advertising agency and a provider of direct marketing services. The Company's clients include more than 90 of the Fortune 100 and more than 490 of the Fortune 500 companies. TMP Worldwide is a member of the S&P 500 Index. More information about TMP Worldwide is available at www.tmp.com.
About Monster
Monster, headquartered in Maynard, Mass., is the leading global careers website, recording over 50.7 million unique visits during the month of February 2003 according to independent research conducted by I/PRO. Monster connects the most progressive companies with the most qualified career-minded individuals, offering innovative technology and superior services that give them more control over the recruiting process. The Monster global network consists of local content and language sites in the United States, United Kingdom, Australia, Canada, the Netherlands, Belgium, New Zealand, Singapore, Hong Kong, France, Scotland, Germany, Ireland, Spain, Luxembourg, India, Italy, Sweden, Norway, Denmark, Switzerland, and Finland. Monster is the official online career management services sponsor of the 2002 Olympic Winter Games and 2002 and 2004 U.S. Olympic Teams. More information about Monster is available at www.monster.com or by calling 1-800-MONSTER.
Special Note: Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: Except for historical information contained herein, the statements made in this release constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve certain risks and uncertainties, including statements regarding the company's strategic direction, prospects and future results. Certain factors, including factors outside the company's control, may cause actual results to differ materially from those contained in the forward- looking statements, including economic and other conditions in the markets in which the company operates, risks associated with acquisitions, competition, seasonality and the other risks discussed in our filings made with the Securities and Exchange Commission, which discussions are incorporated in this release by reference.
Contact:
TMP Worldwide, New York
David Rosa, 212/351-7067
david.rosa@tmp.com
or
Weber Shandwick, New York
Christian Harper, 212/445-8135
charper@webershandwick.com
