CBIZ Announces Redemption of 2006 Convertible Senior Subordinated Notes; to Redeem $39.25M

CBIZ, Inc. CBZ announced today that its note holders have given notice to redeem $39,250,000 of the 3.125% Convertible Senior Subordinated Notes due 2026 on June 1, 2011. As of March 31, 2011, there was $40,000,000 in aggregate principal amount of the 2006 Notes outstanding. The 2006 Notes have been settled in cash for the principal amount and any accrued and unpaid interest. CBIZ may redeem the remaining $750,000 outstanding balance on the 2006 Notes at any time on or after June 6, 2011. CBIZ funded the redemption of the 2006 Notes with available funds from the Company's existing $275.0 million unsecured credit facility. The balance on the credit facility after redeeming the 2006 Notes is $146.9 million.