December 10, 2009 (FinancialWire) — Transcend Services, Inc. (NASDAQ: TRCR) said that it and certain selling stockholders intend to offer to sell, subject to market and other conditions, 1.5 million shares and 720,000 shares, respectively, of the company’s common stock in an underwritten public offering.

The company and the selling stockholders are expected to grant the underwriters in the offering a 30-day option to purchase from them up to an additional 333,000 shares of the company’s common stock. Lazard Capital Markets (NYSE: LAZ) is the sole book-running manager.

Transcend plans to use the net proceeds of the shares sold by it in the offering to repay the remaining $5.0 million of its $7.0 million term loan, fund new acquisitions and to fund working capital and other general corporate initiatives. The company will not receive any proceeds from the sale of shares by the selling stockholders.

Transcend Services provides Internet-based, speech-recognition enabled, voice-to-text systems that allow its medical language specialists to produce medical documents.

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