CTPartners Executive Search Inc. (AMEX:CTP) announced that it has entered into a note purchase agreement for a private placement of a second-lien note at $12,500,000 per note for gross proceeds of $12,500,000 with a publicly traded insurance company and an affiliate on April 8, 2015. The note would mature in April 2020. The notes bear interest at an adjusted LIBOR rate which is currently approximately 12%, which rate is subject to reduction by 3% upon the company's satisfaction of financial and other covenants set forth in the agreement for 12 consecutive months.