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.