Korn/Ferry exchanges all convertibles for 5.59 million shares

By Jennifer Chiou

New York, April 19 - Korn/Ferry International announced that it issued 5.59 million of its shares in exchange for all of its outstanding 7.5% convertible securities.

The company said that the holder of the securities had the option of accepting par - about $57 million - for the convertibles or converting the notes into Korn/Ferry common shares at a conversion price of $10.19.

Korn/Ferry said that the transaction will save it $4.27 million in before-tax annual cash interest.

The $50 million of convertible securities were originally issued on June 13, 2002, comprised of $40 million of 7.5% convertible preferred debt and $10 million of 7.5% convertible preferred stock.

Los Angeles-based Korn/Ferry provides talent management services.

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