News Update: CBIZ Announced Priced Private Offering Of $115 Million Convertible Senior Notes

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CBIZ Inc. (NYSE:CBZ) announced that it has priced, at par, a private offering of $115 million aggregate principal amount of Convertible Senior Subordinated Notes due 2015. The company also granted the initial purchasers an option to purchase up to $15 million aggregate principal amount of the Notes, exercisable within 30 days to cover overallotments. The offering is expected to close September 27, 2010. CBIZ Inc. is offering notes to provide funding to refinance its 3.125% Convertible Senior Subordinated Notes which are callable in June 2011. It intends to use proceeds from the issuance of the notes to repurchase a portion of its 3.125% convertible notes issued in 2006, for general corporate purposes, and will use about $25 million to repurchase shares of its common stock. SmarTrend alerted subscribers to take profits in CBIZ on May 25, 2010 at $6.37, since then the stock fell 13.8%. We are now watching for any positive developments that could result in a new uptrend signal.