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SCHEDULE 13D
(AMENDMENT NO. 12)
Under the Securities Exchange Act of 1934
PRG-SCHULTZ INTERNATIONAL, INC.
--------------------------------------------------------------------------------
(Name of Company)
Common Stock
--------------------------------------------------------------------------------
(Title of Class of Securities)
69357C107
--------------------------------------------------------------------------------
(CUSIP Number of Class of Securities)
Andre Weiss, Esq.
Schulte Roth & Zabel LLP
919 Third Avenue
New York, New York 10022
(212) 756-2431
--------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
December 9, 2005
--------------------------------------------------------------------------------
(Date of Event which Requires
Filing of this Schedule)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of ss.ss.240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box. [ ]
NOTE: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See ss.240.13d-7 for other
parties to whom copies are to be sent.
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
SCHEDULE 13D
------------------------------------ ------------------------
CUSIP NO. 69357C107 PAGE 2 OF 10 PAGES
------------------------------------ ------------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
BLUM CAPITAL PARTNERS, L.P. I.R.S. ID: 94-3205364
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
See Item 3
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
California
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
--------- ------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 13,939,012 shares (including 4,651,939 shares
OWNED BY issuable upon conversion of notes and payable as
EACH shares of interest under the notes) (see Item 5)
REPORTING --------- ------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
0
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
13,939,012 shares (including 4,651,939 shares
issuable upon conversion of notes and payable as
shares of interest under the notes) (see Item 5)
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
13,939,012 shares (including 4,651,939 shares issuable upon
conversion of notes and payable as shares of interest under the
notes) (see Item 5)
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) (see Item 5)
17.0% (see Item 5)
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN, IA
--------------------------------------------------------------------------------
SCHEDULE 13D
------------------------------------ ------------------------
CUSIP NO. 69357C107 PAGE 3 OF 10 PAGES
------------------------------------ ------------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
RICHARD C. BLUM & ASSOCIATES, INC. I.R.S. ID: 94-2967812
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
See Item 3
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
California
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
--------- ------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 13,939,012 shares (including 4,651,939 shares
OWNED BY issuable upon conversion of notes and payable as
EACH shares of interest under the notes) (see Item 5)
REPORTING --------- ------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
0
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
13,939,012 shares (including 4,651,939 shares
issuable upon conversion of notes and payable as
shares of interest under the notes) (see Item 5)
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
13,939,012 shares (including 4,651,939 shares issuable upon
conversion of notes and payable as shares of interest under the
notes) (see Item 5)
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
17.0% (see Item 5)
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
--------------------------------------------------------------------------------
SCHEDULE 13D
------------------------------------ ------------------------
CUSIP NO. 69357C107 PAGE 4 OF 10 PAGES
------------------------------------ ------------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
BLUM STRATEGIC GP, L.L.C. I.R.S. ID: 94-3303831
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
See Item 3
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
--------- ------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 13,939,012 shares (including 4,651,939 shares
OWNED BY issuable upon conversion of notes and payable as
EACH shares of interest under the notes) (see Item 5)
REPORTING --------- ------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
0
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
13,939,012 shares (including 4,651,939 shares
issuable upon conversion of notes and payable as
shares of interest under the notes) (see Item 5)
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
13,939,012 shares (including 4,651,939 shares issuable upon
conversion of notes and payable as shares of interest under the
notes) (see Item 5)
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) (see Item 5)
17.0% (see Item 5)
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
--------------------------------------------------------------------------------
SCHEDULE 13D
------------------------------------ ------------------------
CUSIP NO. 69357C107 PAGE 5 OF 10 PAGES
------------------------------------ ------------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
BLUM STRATEGIC PARTNERS II, L.P. I.R.S. ID: 94-3395151
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
See Item 3
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
California
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
--------- ------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 13,939,012 shares (including 4,651,939 shares
OWNED BY issuable upon conversion of notes and payable as
EACH shares of interest under the notes) (see Item 5)
REPORTING --------- ------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
0
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
13,939,012 shares (including 4,651,939 shares
issuable upon conversion of notes and payable as
shares of interest under the notes) (see Item 5)
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
13,939,012 shares (including 4,651,939 shares issuable upon
conversion of notes and payable as shares of interest under the
notes) (see Item 5)
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) (see Item 5)
17.0% (see Item 5)
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
--------------------------------------------------------------------------------
SCHEDULE 13D
------------------------------------ ------------------------
CUSIP NO. 69357C107 PAGE 6 OF 10 PAGES
------------------------------------ ------------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
BLUM STRATEGIC GP II, L.L.C. I.R.S. ID: 94-3395150
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
See Item 3
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
--------- ------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 13,939,012 shares (including 4,651,939 shares
OWNED BY issuable upon conversion of notes and payable as
EACH shares of interest under the notes) (see Item 5)
REPORTING --------- ------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
0
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
13,939,012 shares (including 4,651,939 shares
issuable upon conversion of notes and payable as
shares of interest under the notes) (see Item 5)
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
13,939,012 shares (including 4,651,939 shares issuable upon
conversion of notes and payable as shares of interest under the
notes) (see Item 5)
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
17.0% (see Item 5)
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
--------------------------------------------------------------------------------
This Amendment No. 12 amends the Statement on Schedule 13D (the "Schedule 13D")
filed with the Securities and Exchange Commission (the "Commission") on
September 2, 2003 by Blum Capital Partners, L.P., a California limited
partnership, ("Blum L.P."); Richard C. Blum & Associates, Inc., a California
corporation ("RCBA Inc."); Blum Strategic GP, L.L.C., a Delaware limited
liability company ("Blum GP"); Blum Strategic GP II, L.L.C., a Delaware limited
liability company ("Blum GP II"); Blum Strategic Partners II, L.P., a Delaware
limited partnership ("Blum Strategic II") (collectively, the "Reporting
Persons"); and Richard C. Blum. This amendment to the Schedule 13D relates to
the shares of Common Stock (the "Shares") of PRG-Schultz International, Inc., a
Georgia corporation (the "Company"). The following amendments to the Schedule
13D are hereby made. Unless otherwise defined herein, all capitalized terms
shall have the meanings ascribed to them in the Schedule 13D.
ITEM 4. PURPOSE OF TRANSACTION.
Item 4 of the Schedule 13D is hereby supplemented by the following:
On December 9, 2005, certain members of the Ad Hoc Committee entered into
an Amendment to the Commitment Letter with the Company, dated November 28, 2005
and disclosed in the Reporting Persons previous amendment to this Schedule 13D.
A copy of the Amendment to the Commitment Letter is attached as an exhibit
hereto and incorporated into this Item 4 by reference.
Except as set forth above, the Reporting Persons have no oral or written
agreements, understandings or arrangements with each other or any other person
relating to acquiring, holding, voting or disposing of any securities of the
Company or otherwise with respect to the Company.
ITEM 5. INTEREST IN SECURITIES OF THE COMPANY.
Item 5 (a) and (b) are hereby amended and replaced by the following updated
information:
(a),(b) According to the Company's most recent Form 10-Q, there were
67,956,832 Shares issued and outstanding as of October 31, 2005. Based on such
information, the Reporting Persons report beneficial ownership of 13,939,012
Shares of which they share the power to dispose and direct the vote. The
13,939,012 Shares represent 17.0% of the total issued and outstanding Shares.
The Ad Hoc Committee may be deemed to be a group.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE COMPANY.
The Amendment to the Commitment Letter is incorporated by reference into
this Item 6.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
1. Joint Filing Agreement dated December 12, 2005.
2. Amendment to Commitment Letter, dated December 9, 2005 among the Reporting
Persons and the Company.
SIGNATURES
After reasonable inquiry and to the best of his knowledge and belief, each
of the undersigned certifies that the information set forth in this statement is
true, complete and correct.
Dated: December 12, 2005
BLUM CAPITAL PARTNERS, L.P.
By: Richard C. Blum & Associates, Inc.
its General Partner
By: /s/ Gregory D. Hitchan
------------------------------
Name: Gregory D. Hitchan
Title: Counsel and Secretary
RICHARD C. BLUM & ASSOCIATES, INC.
By: /s/ Gregory D. Hitchan
------------------------------
Name: Gregory D. Hitchan
Title: Counsel and Secretary
BLUM STRATEGIC GP, L.L.C.
By: /s/ Gregory D. Hitchan
------------------------------
Name: Gregory D. Hitchan
Title: Member and General Counsel
BLUM STRATEGIC PARTNERS II, L.P.
By: Blum Strategic GP II, L.L.C.,
Its General Partner
By: /s/ Gregory D. Hitchan
------------------------------
Name: Gregory D. Hitchan
Title: Member and General Counsel
BLUM STRATEGIC GP II, L.L.C.
By: /s/ Gregory D. Hitchan
------------------------------
Name: Gregory D. Hitchan
Title: Member and General Counsel
EXHIBIT INDEX
1. Joint Filing Agreement dated December 12, 2005.
2. Amendment to Commitment Letter, dated December 9, 2005 among the Reporting
Persons and the Company.
EXHIBIT 1
JOINT FILING UNDERTAKING
The undersigned, being duly authorized thereunto, hereby execute this agreement
as an exhibit to this Schedule 13D to evidence the agreement of the below-named
parties, in accordance with the rules promulgated pursuant to the Securities
Exchange Act of 1934, to file this Schedule jointly on behalf of each such
party.
Dated as of December 12, 2005
BLUM CAPITAL PARTNERS, L.P.
By: Richard C. Blum & Associates, Inc.
its General Partner
By: /s/ Gregory D. Hitchan
------------------------------
Name: Gregory D. Hitchan
Title: Counsel and Secretary
RICHARD C. BLUM & ASSOCIATES, INC.
By: /s/ Gregory D. Hitchan
------------------------------
Name: Gregory D. Hitchan
Title: Counsel and Secretary
BLUM STRATEGIC GP, L.L.C.
By: /s/ Gregory D. Hitchan
------------------------------
Name: Gregory D. Hitchan
Title: Member and General Counsel
BLUM STRATEGIC PARTNERS II, L.P.
By: Blum Strategic GP II, L.L.C.,
Its General Partner
By: /s/ Gregory D. Hitchan
------------------------------
Name: Gregory D. Hitchan
Title: Member and General Counsel
BLUM STRATEGIC GP II, L.L.C.
By: /s/ Gregory D. Hitchan
------------------------------
Name: Gregory D. Hitchan
Title: Member and General Counsel
EXECUTION COPY
PETRUS SECURITIES L.P. BLUM STRATEGIC PARTNERS II, L.P.
PARK CENTRAL GLOBAL HUB LIMITED BLUM STRATEGIC PARTNERS II GMBH & CO. KG.
December 9, 2005
PRG-Schultz International, Inc.
600 Galleria Parkway
Suite 100
Atlanta, Georgia 30339
Attention: James B. McCurry
Re: AMENDMENT TO COMMITMENT LETTER
Dear Mr. McCurry:
Reference is made to (i) the commitment letter, dated as of November
28, 2005 (the "COMMITMENT LETTER"), addressed to PRG-Schultz International, Inc.
(the "PARENT") by each of Petrus Securities L.P. ("Petrus"), Parkcentral Global
Hub Limited (together with Petrus, collectively, the "PETRUS ENTITIES"), Blum
Strategic Partners II GmbH & Co. KG. ("BLUM") and Blum Strategic Partners II,
L.P. (together with Blum, collectively, the "BLUM ENTITIES" and, together with
the Petrus Entities, each a "LENDER" and collectively, the "LENDERS") and (ii)
the Term Sheet (as defined in the Commitment Letter). Capitalized terms used
herein shall have the meanings set forth in the Commitment Letter.
The Parent and the Lenders desire to amend the Commitment Letter and
the Term Sheet to (i) extend the effectiveness of the Lenders' commitment until
December 15, 2005 and (ii) increase the aggregate principal amount of the
Financing Facility under the Commitment Letter from $8,000,000 to $10,000,000
(the "INCREASED FACILITY AMOUNT"), and the Lenders have agreed to extend the
commitment period and increase the Financing Facility, upon, and subject to, the
terms and conditions hereinafter set forth.
PRG-Schultz International, Inc.
December 9, 2005
Page 2
Notwithstanding anything contained in the Commitment Letter and the
Term Sheet, the parties agree that:
1. the Financing Facility is hereby increased to the aggregate
principal amount of $10,000,000;
2. the Parent shall pay to the Lenders, based on their ratable portion
of the increased commitment, in immediately available funds, a non-refundable
fully-earned commitment fee equal to $25,000 (the "ADDITIONAL COMMITMENT FEE"),
which is in addition to the Commitment Fee of $100,000 received by the Lenders
prior to the date of this letter, but taken together with the Additional
Commitment Fee, shall constitute the Commitment Fee referred to in the
Commitment Letter and the Term Sheet; and
3. the commitment of the Lenders to provide the Financing Facility
shall expire at 5:00 p.m. (New York City time) on December 15, 2005, unless
prior thereto, definitive loan documentation shall have been agreed to in
writing by all parties and the conditions set forth therein shall have been
satisfied (it being understood that the Parent's obligation to pay all amounts
in respect of indemnification and Expenses shall survive termination of this
commitment letter).
Except as expressly set forth in this letter, (i) nothing contained
herein shall be construed in any manner to modify, affect, or impair the
provisions of the Commitment Letter or the Term Sheet and (ii) the Commitment
Letter shall continue in full force and effect.
The offer by the Lenders to modify the Commitment Letter and Term Sheet
shall expire at 5:00 p.m. (New York City time) on December 9, 2005, unless prior
thereto (A) each Lender has received a copy of this letter, signed by each other
Lender and the Parent accepting the terms and conditions of the Commitment
Letter and the Term Sheet, as modified by this letter, and (B) the Lenders shall
have received the Additional Commitment Fee in immediately available funds.
This letter (i) shall be governed by the law of the State of New York,
(ii) shall be binding upon the parties and their respective successors and
assigns, (iii) may not be relied upon or enforced by any other person or entity,
and (iv) may be signed in multiple counterparts, each of which shall be deemed
an original and all of which together shall constitute one and the same
instrument. If this letter becomes the subject of a dispute, each of the parties
hereto hereby waives trial by jury. This letter may be amended, modified or
waived only in a writing signed by the parties hereto.
PRG-Schultz International, Inc.
December 9, 2005
Page 3
Very truly yours,
---------------------------------------- ---------------------------------------
BLUM STRATEGIC PARTNERS II, L.P. BLUM STRATEGIC PARTNERS II GMBH &
CO. KG.
By: /s/ Jose S. Medeiros By: /s/ Jose S. Medeiros
----------------------------------- ----------------------------------
Name: Jose S. Medeiros Name: Jose S. Medeiros
Title: Partner Title: Partner
-------------------------------------- ---------------------------------------
PARKCENTRAL GLOBAL HUB LIMITED PETRUS SECURITIES L.P.
By: /s/ Steven Blasnik By: /s/ Steven Blasnik
----------------------------------- ----------------------------------
Name: Steven Blasnik Name: Steven Blasnik
Title: President Title: President of G.P.
---------------------------------------- ---------------------------------------
Agreed and accepted on this
9th day of December 2005:
PRG-SCHULTZ INTERNATIONAL, INC.
By: /s/ James B. McCurry
----------------------------------------
Name: James B. McCurry
Title: President and Chief Executive Officer