Dec 24 2009
TRANSCEND SERVICES, INC. (the “Company”) (NASDAQ: TRCR) today announced the December 22, 2009 closing of the public offering of a total of 2,553,000 shares of its common stock at a price to the public of $16.75 per share. The Company sold 1,725,000 shares and the selling stockholders sold 828,000 shares.
Lazard Capital Markets LLC was the sole book-running manager and William Blair & Company was co-lead manager for the offering.
The net proceeds to the Company were approximately $27.2 million before expenses. The Company applied approximately $4.0 million of the net proceeds against the remaining $4.8 million balance on its $7.0 million term loan, and intends to use the remainder to pay off the rest of the term loan, fund new acquisitions, working capital and other general corporate initiatives. The Company did not receive any proceeds from the sale of shares by the selling stockholders.