EXHIBIT 99.1
[MSX INTERNATIONAL LOGO]
FOR IMMEDIATE RELEASE David Crittenden -- Financial
DATE: JULY 25, 2003 MSX INTERNATIONAL
248-829-6031
dcrittenden@msxi.com
Bruce Wagner -- Media
MSX INTERNATIONAL
248-829-6254
BWAGNER@MSXI.COM
MSX International prices senior secured notes
SOUTHFIELD, Mich., July 25, 2003 -- MSX International today announced that it
has priced a private offering of senior secured notes. The company and a
wholly-owned, indirect subsidiary based in the United Kingdom will issue various
notes totaling $100.5 million in the aggregate. The notes, which yield an
average 11.31% interest, are due October 15, 2007.
MSXI intends to use the net proceeds from the note offering to repay existing
bank indebtedness that matures from December 2004 through December 2006. In
connection with the offering, MSX International plans to enter into a new
$40,000,000 revolving credit facility with a group of lenders. The notes will be
guaranteed by certain of MSX International's subsidiaries and will be secured by
substantially all of MSX International's assets and the assets of the
guarantors, subject to liens securing MSX International's new senior credit
facility.
MSX International expects to offer the notes in reliance upon an exemption from
registration under the Securities Act of 1933 for an offer and sale of
securities that does not involve a public offering. The various notes involved
will not be registered under the Securities Act of 1933 and therefore may not be
offered or sold in the United States without registration or an applicable
exemption from the registration requirements of the Securities Act of 1933 and
applicable state securities laws. This press release does not and will not
constitute an offer to sell or the solicitation of an offer to buy the notes,
nor shall there be any sale of the notes in any state in which any such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state.
MSX International, headquartered in Southfield, Mich., is a global provider of
technical business services. The company combines innovative people,
standardized processes and today's technologies to deliver a collaborative,
competitive advantage. MSX International has over 7,000 employees in 25
countries. Visit their Web site at http://www.msxi.com.
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Certain of the statements made in this press release constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements are based on current management
projections and expectations. They involve significant risks and uncertainties.
As such, they are not guarantees of future performance. MSX International
disclaims any intent or obligation to update such statements.
Actual results may vary materially from those in the forward-looking statements
as a result of any number of factors, many of which are beyond the control of
management. These important factors include: our leverage and related exposure
to changes in interest rates; our reliance on major customers in the automotive
industry and the timing of their product development and other initiatives; the
market demand for our technical business services in general; our ability to
recruit and place qualified personnel; delays or unexpected costs associated
with cost reduction efforts; risks associated with operating internationally,
including economic, political and currency risks; and risks associated with our
acquisition strategy. Additional information concerning these and other factors
are discussed under the heading "Item 7 - Management's Discussion and Analysis
of Financial Condition and Results of Operations" in the Company's Annual Report
on Form 10-K (dated March 27, 2003), and in other filings with the Securities
and Exchange Commission.