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Butler International, holders reach settlement with Levine Leichtman
By Jennifer Chiou
New York, Jan. 4 - Butler International, Inc. announced it reached a settlement agreement with Levine Leichtman Capital Partners III, LP, under which it paid $1.265 million and terminated the warrant issued to Levine Leichtman for the purchase of 1,041,254 Butler shares.
The companies also agreed to mutually release each other against all claims.
On Oct. 6, Butler said it terminated its previously announced $35 million note agreement with Levine Leichtman.
In July 2006, Butler announced that it would sell to Levine Leichtman $10 million in secured senior notes that bear interest at Libor plus 675 basis points and $25 million in secured senior subordinated notes that bear interest at Libor plus 975 basis points. Both notes would have been due June 30, 2011. On Oct. 6, Butler announced it was terminating the sale.
Based in Montvale, N.J., Butler provides outsourcing and technical staffing services.
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