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Los Angeles-based headhunter Korn/Ferry International said Friday, June 14, that it bolstered its balance sheet with a $50 million investment from San Francisco buyout firm Friedman, Fleischer & Lowe.
Under the terms, the Bay Area private equity firm will receive $40 million of 7.5% convertible subordinated notes and $10 million of Series A convertible preferred stock, along with warrants to purchase 272,727 common shares at $12 per share. Both preferred stock and subordinated notes are convertible into Korn/Ferry common stock at $10.25 per share, representing 4.9 million shares and 11.4% of the company's outstanding common stock.
"Korn/Ferry represents the leading firm in executive recruitment, and we believe...