MMWW to repurchase up to $100 MM of its convertible notes:
biz.yahoo.com
Tuesday December 7, 5:49 pm Eastern Time
Company Press Release
SOURCE: Metamor Worldwide, Inc.
Metamor Board Approves Plan to Repurchase Up to $100 Million of Convertible Notes
HOUSTON, Dec. 7 /PRNewswire/ -- Metamor Worldwide, Inc. (Nasdaq: MMWW - news), one of the leading providers of information technology (IT) solutions, today announced that its Board of Directors has authorized it to repurchase up to $100 million of its 2.94% convertible subordinated notes due 2004.
Subject to market conditions and approval from lenders under the company's senior credit facility, repurchases may be effected from time to time through solicited or unsolicited transactions in the market or in privately negotiated transactions. No restriction was placed on the duration of the repurchase program. Subject to applicable securities laws, purchase decisions will be made by management based upon market conditions and other factors.
As previously announced, the company plans to distribute tax free to its stockholders in the second half of 2000 its shares of Xpedior Incorporated common stock. This distribution is subject to the company obtaining a private letter ruling from the Internal Revenue Service covering the tax-free nature of the distribution. In connection with this distribution, the company, depending on future market conditions, may call for redemption all or a portion of the notes prior to the distribution or will adjust, as provided for in the trust indenture, the conversion rate for those notes not redeemed prior to the distribution.
Metamor Worldwide offers customers a broad range of information technology solutions including eBusiness, ERP implementation, application maintenance and support, business process outsourcing, application development and hosting, network integration, training and technical documentation. With offices across the U.S. and abroad, Metamor's flexible delivery of value-added services is provided through a combination of geographic presence, industry focus and specialized technology practices.
For further information regarding Metamor Worldwide, Inc., free of charge via fax dial 1-800-PRO-INFO and enter ``MMWW.'
Metamor Worldwide, Inc. can be reached on the Internet at www.metamor.com .
SOURCE: Metamor Worldwide, Inc. |
