Comforce buys back $5.5 million 12% notes using bank borrowings

New York, Dec. 21 - Comforce Corp. said it bought back $5.5 million of its 12% senior notes due Dec. 1, 2007.

Funding for the repurchase came from borrowings under the Woodbury, N.Y., staffing company's credit facility.

Since June 2000, buybacks have cut the note debt to $46.3 million from $138.8 million.

"We are pleased to announce another significant repurchase of our higher interest rate debt," said Comforce's chairman and chief executive officer, John Fanning, in a news release.

"We are continuing to work with our financial advisers to examine all appropriate alternatives to refinance our 12% senior notes and further improve our capital structure."

But, he added: "Despite our commitment to further improving our capital structure, we will not enter into obligations that we do not view as being in the best interest of our shareholders.

"Our 12% senior notes do not mature for almost two years, and if we find that market conditions are not conducive to a favorable refinancing at this time, we are fully prepared to wait until market conditions improve."

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