Feb 7 (Reuters) - Smart Employee Benefits Inc SEB.V :
* SEB UPDATE ON STRATEGIC FINANCING TRANSACTION
* SMART EMPLOYEE BENEFITS INC - PROCEEDS OF FINANCING WILL BE USED TO REPAY TERM INDEBTEDNESS OF COMPANY
* SMART EMPLOYEE BENEFITS INC - CONTINUING TO WORK ON COMPLETING $20 MILLION PRIVATE PLACEMENT FINANCING
* SEB - STRATEGIC FINANCING TRANSACTION IS EXPECTED TO CLOSE COINCIDENT WITH COMPLETION OF OPERATING CREDIT FACILITY, WHICH NEGOTIATIONS ARE IN PROCESS