Data Processing Resources Corp. said it has received $39.6 million in net proceeds from an offering of nearly 2.4 million shares of common stock that was priced at $17.50 a share.
Data Processing, a provider of information technology staffing services, said the figures include the exercise of over-allotment options in full to purchase an additional 295,000 common shares. The Newport Beach company said previously that a shareholder offered 200,000 shares at the same price along with the offering. Underwriters also exercised options to buy an additional 50,000 shares from the selling shareholder.
Data Processing said proceeds will be used to repay $7 million of outstanding bank debt and to fund acquisitions, branch openings, working capital and general corporate purposes.