-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, NMHz2pEFkaRxoBCamhlB8CarAFRCF6DhQRxKFuT/e59Y5vbuGnGqxHNmIc5vn+nz ueD//FxeTS0YVVKj59UKxw== 0000950144-07-008966.txt : 20071001 0000950144-07-008966.hdr.sgml : 20071001 20071001171636 ACCESSION NUMBER: 0000950144-07-008966 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20070925 ITEM INFORMATION: Unregistered Sales of Equity Securities FILED AS OF DATE: 20071001 DATE AS OF CHANGE: 20071001 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRG SCHULTZ INTERNATIONAL INC CENTRAL INDEX KEY: 0001007330 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-ENGINEERING, ACCOUNTING, RESEARCH, MANAGEMENT [8700] IRS NUMBER: 582213805 STATE OF INCORPORATION: GA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-28000 FILM NUMBER: 071146802 BUSINESS ADDRESS: STREET 1: 600 GALLERIA PARKWAY STREET 2: STE 100 CITY: ATLANTA STATE: GA ZIP: 30339-5949 BUSINESS PHONE: 7707796610 MAIL ADDRESS: STREET 1: 600 GALLERIA PARKWAY STREET 2: STE 100 CITY: ATLANTA STATE: GA ZIP: 30339-5949 FORMER COMPANY: FORMER CONFORMED NAME: PROFIT RECOVERY GROUP INTERNATIONAL INC DATE OF NAME CHANGE: 19960207 8-K 1 g09753e8vk.htm PRG-SCHULTZ INTERNATIONAL, INC. PRG-SCHULTZ INTERNATIONAL, INC.
 

 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
September 25, 2007
Date of Report (Date of earliest event reported)
PRG-Schultz International, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Georgia
(State or Other Jurisdiction of Incorporation)
     
0-28000   58-2213805
 
(Commission File Number)   (IRS Employer Identification No.)
     
600 Galleria Parkway, Suite 100, Atlanta, Georgia   30339-5949
 
(Address of Principal Executive Offices)   (Zip Code)
770-779-3900
 
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
 
(Former Name or Former Address, if Changed Since Last Report)
     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
     o      Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
     o      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
     o      Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
     o      Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 

 

Item 3.02. Unregistered Sales of Equity Securities
On the dates reflected in the table below, holders of the Company’s 10% Senior Convertible Notes due 2011 (the “10% Notes”) and holders of the Company’s 9.0% Senior Series A Convertible Participating Preferred Stock (the “Series A Preferred Stock”) converted a total of $27,640,663 in aggregate principal amount of the 10% Notes and 3,655 shares of the Series A Preferred Stock into an aggregate of 4,428,525 shares of the Company’s common stock.
                       
 
        Number of Shares of     Principal Amount of     Number of Shares of  
        Series A Preferred     10% Notes     Common Stock Issued  
  Date of Conversion     Stock Converted     Converted     Upon Conversion  
  September 25, 2007     3,630     N/A     174,917  
  September 27, 2007     N/A     $684     105  
  September 27, 2007     N/A     $4,381,684     674,105  
  September 27, 2007     N/A     $854,209     131,416  
  September 27, 2007     N/A     $6,326,000     973,230  
  September 28, 2007     N/A     $903,830     139,050  
  September 28, 2007     N/A     $3,766,000     579,384  
  September 28, 2007     N/A     $250,000     38,461  
  September 28, 2007     N/A     $2,346,496     360,999  
  September 28, 2007     N/A     $176,306     27,124  
  September 28, 2007     N/A     $2,871,280     441,735  
  September 28, 2007     N/A     $1,763,066     271,240  
  September 28, 2007     N/A     $956     147  
  September 28, 2007     N/A     $4,000,152     615,408  
  October 1, 2007     25     N/A     1,204  
  Total     3,655     $27,640,663     4,428,525  
 
The 10% Notes were converted at $6.50 per share of common stock, the applicable common stock conversion price under the indenture for the 10% Notes. The Series A Preferred Stock was converted at the applicable conversion ratio under the terms of the Series A Preferred Stock, which is approximately 48.186732 shares of common stock per one share ($136.8744135 liquidation preference) of Series A Preferred Stock. No fractional shares were issued in connection with the conversions of the 10% Notes or Series A Preferred Stock.
The issuance of shares of common stock pursuant to the above conversions consists of an exchange of securities solely with the respective holders of the Company’s 10% Notes and Series A Preferred Stock, and is accordingly exempt from registration under Section 3(a)(9) of the Securities Act of 1933, as amended. No commission or other remuneration was paid or given directly or indirectly for soliciting such exchange.
As previously disclosed, redemption notices have been issued for the 10% Notes and the Series A Preferred Stock, and also for the Company’s 11% Senior Notes due 2011 (the “11% Notes”). The redemption date for the 10% Notes and the 11% Notes is October 4, 2007, and the redemption date for the Series A Preferred Stock is October 19, 2007. As an alternative to redemption, holders of the 10% Notes may elect to convert their notes into the Company’s common stock at a conversion price of $6.50 per share, and holders of the Series A Preferred Stock may elect to convert their shares into the Company’s

 

 

common stock at a conversion price of $2.84 per share. October 3, 2007 is the last day for conversions of the 10% Notes into the Company’s common stock and October 18, 2007 is the last day for conversions of Series A Preferred Stock into the Company’s common stock. On the applicable redemption dates, holders of 10% Notes will receive outstanding principal plus accrued and unpaid interest (calculated to the redemption date), holders of 11% Notes will receive 102% of outstanding principal plus accrued and unpaid interest (calculated to the redemption date), and holders of Series A Preferred Stock will receive the applicable liquidation preference, currently $136.8744135 per share, plus accrued and unpaid dividends (calculated to the redemption date).

 

 

SIGNATURES
     Pursuant to the requirements of Section 12 of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
         
 
  PRG-Schultz International, Inc.
 
        
 
  By:   /s/ Victor A. Allums
 
       
 
      Victor A. Allums
Senior Vice President, Secretary and
General Counsel
 
        
Dated: October 1, 2007
        

 

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