TMP Worldwide Won't Proceed With Financing
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TMP Worldwide Inc. said that it will not proceed with the private sale of up to $115 million principal amount of its Convertible Subordinated Notes due 2005, which was previously announced by the company on April 9, due to unfavorable market conditions.
Andy McKelvey, chairman and CEO of New York City-based TMP, said: "Although we were pleased with the high level of interest shown in TMP, at this time the proposed pricing of the notes was not financially advantageous to the company and its stockholders."
TMP Worldwide is a large yellow pages advertising firm and recruitment advertising agency with more than 3,200 employees in 11 countries. The company's Internet offerings include The Monster Board, Online Career Center (OCC), MedSearch, an online "help wanted" service for the health care industry, and Be the Boss, a provider of information on franchise opportunities.