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Article: Headhunter slake. (Wall Street West).(Korn/Ferry International Inc. raises $50 million)(Brief Article)
- Article from:
- Los Angeles Business Journal
- Article date:
- September 30, 2002
- Author:
CopyrightCOPYRIGHT 2002 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Korn/Ferry International Inc. managed through some financial contortions to raise $50 million in a market that grudgingly gives up its pennies to public companies seeking capital.
According to a mid-September filing with the Securities and Exchange Commission, Korn/Ferry sold $50 million in convertible bonds and stock in June to San Francisco-based Friedman Fleischer & Lowe LLC in a private placement.
Both the bonds and stock yield 7.5 percent. If converted, they would give Friedman Fleischer an 11.4 percent stake in Korn/Ferry, which bills itself as the world's largest executive search firm.
The convertible preferred shares, purchased at $7.25 ...