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Subsequent Events | 6 Months Ended
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Jun. 30, 2014
Subsequent Events [Abstract] |
Subsequent Events |
15. | Subsequent Events
On July 7, 2014, CBIZ repurchased $17.4 million principal amount of its outstanding 2010 Notes for cash in a privately negotiated transaction. This transaction was settled on July 10, 2014, resulting in a non-operating loss of approximately $0.8 million to be recorded in the third quarter of 2014. As a result of this repurchase, interest expense for the year ended December 31, 2014 is expected to decrease approximately $0.4 million and the fully diluted share count is expected to decrease by approximately 380,000 shares. Effective July 28, 2014, CBIZ replaced its $275 million unsecured credit facility with a new $400 million unsecured credit facility with Bank of America as agent for a group of eight participating banks. The new credit facility, which expires in July 2019, will enable the Company to lower its borrowing costs and simplify its capital structure. The new credit facility will provide CBIZ the flexibility to refinance its 2010 Notes due October 1, 2015, and will also allow for the allocation of funds for strategic initiatives, including acquisitions and the repurchase of CBIZ common stock.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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