CBIZ to Offer $100 Million Convertible Senior Subordinated Notes (CBZ)

CBIZ, Inc. CBZ today announced its intention to offer $100 million in aggregate principal amount of Convertible Senior Subordinated Notes due 2015. The Notes are being offered only to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The Company also intends to grant the initial purchasers an option to purchase up to an additional $15 million in aggregate principal amount of the Notes to cover over-allotments, if any. The Company is offering the Notes to provide funding to refinance its 3.125% Convertible Senior Subordinated Notes which are callable in June 2011. The Company intends to use proceeds from the issuance of the Notes to repurchase, from time to time, a portion of its 3.125% convertible notes issued in 2006, for general corporate purposes, including repayment of a portion of the existing balances outstanding under its senior credit facility, and utilize up to 25% of the proceeds from the Notes to repurchase shares of its common stock.