$3.2 Million in Net Proceeds to Repay High-Coupon Debt
ANNAPOLIS, Md., Nov. 3 /PRNewswire/ -- FTI Consulting, Inc. (Amex: FCN),
the premier national provider of strategic and litigation-related consulting
services, today announced that its lead underwriter, ING Barings LLC, and its
co-manager, Janney Montgomery Scott LLC, have exercised their overallotment of
525,000 shares in connection with the company's recently completed equity
offering. The transaction will be completed today.
According to Theodore I. Pincus, FTI's executive vice president and chief
financial officer, the net proceeds of $3.2 million will be used to further
reduce the company's 17 percent Senior Subordinated Notes. Giving effect to
this repayment, there will be $2.0 million in Senior Subordinated Notes
outstanding, down from $30.4 at September 30, 2000. The company anticipates
repayment of the remaining balance prior to year end from its other financial
resources.
About FTI Consulting
FTI Consulting is a multi-disciplined consulting firm with leading
practices in the areas of financial restructuring, litigation consulting and
engineering/scientific investigation. Modern corporations, as well as those
who advise and invest in them, face growing challenges on every front. From a
proliferation of "bet-the-company" litigation to increasingly complicated
relationships with lenders and investors in an ever-changing global economy,
U.S. companies are turning more and more to outside experts and consultants to
meet these complex issues. FTI is dedicated to helping corporations, their
advisors, lawyers, lenders and investors meet these challenges by providing a
broad array of the highest quality professional practices from a single
source.
This press release includes "forward-looking" statements that involve
uncertainties and risks. There can be no assurance that actual results will
not differ from the Company's expectations. Factors that could cause such
differences include pace and timing of additional acquisitions, the Company's
ability to realize cost savings and efficiencies, competitive and general
economic conditions, and other risks described in the Company's filings with
the Securities and Exchange Commission.
For further information regarding FTI Consulting, Inc. free of charge via
fax, dial 1-800-PRO-INFO and enter "FCN".
FTI is on the Internet at http://www.fticonsulting.com and at http://www.ftiwarroom.net.
SOURCE FTI Consulting, Inc.
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Related links:
http://www.ftiwarroom.net
CONTACT:
Jack Dunn, Chairman & CEO of FTI Consulting,
410-224-1483; or General, Marilyn Windsor, 312-640-6692, Analyst,
Doug Broderick, 312-274-2266, or Media, Tim Grace, 312-274-2240,
all of The Financial Relations Board
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