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| MWW | 7.18 | -0.21 |
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TMP Worldwide Inc. Refinances Its Credit Facility With Improved Terms
NEW YORK, November 5, 1998 -- TMP Worldwide Inc. (NASDAQ: TMPW), the leading provider of traditional and online career solutions as well as the world's largest yellow page advertising agency, today announced that the Company has re-negotiated its existing financing arrangement with BNY Financial Corp., acting as agent, to provide for a $175 million revolving credit facility. The five-year facility is effective immediately.
With the lower borrowing costs associated with this new facility (putting TMP's current interest rate at LIBOR + 87.5 basis points versus LIBOR + 150.0 basis points under the old facility), the company estimates significant cost savings.
Commenting on today's announcement, James J. Treacy, chief operating officer for TMP Worldwide said, "We're pleased with the new arrangement and the increased flexibility and liquidity it provides us moving forward."
Special Note
The above statements include forward-looking statements based on current management expectations. Factors that could cause future results to differ from these expectations include the following: risks associated with acquisitions, competition and seasonality. Additional factors are described in the company's reports filed with the Securities and Exchange Commission.
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Founded in 1967, TMP Worldwide is the leading provider of traditional and online career solutions and the world's largest yellow page advertising agency with more than 3,550 employees in 19 countries. The company is also a provider of direct marketing services. TMP Worldwide's clients in the company's traditional lines of business include more than 70 of the Fortune 100 and more than 285 of the Fortune 500 companies.
The TMP Worldwide Interactive career portal delivers the most comprehensive set of career services on the Web including The Monster Board (www.monster.com), the largest and most successful career center on the World Wide Web; Online Career CenterSM (OCC) (www.occ.com), the Internet's earliest career site; MedSearch SM, (www.medsearch.com), the primary online "help wanted" service for the health care industry; Be the Boss SM ((www.betheboss.com), a leading provider of information on franchise opportunities; About Work (www.aboutwork.com), the most comprehensive provider of career advice and information, and StudentCenter (www.studentcenter.com), which includes the largest online Internship database.
