Golfsmith to use IPO proceeds to retire $93.75 million in principal of 8 3/8% notes

By Ted A. Knutson

Washington, March 14 - Golfsmith International Holdings, Inc. said it will use part of the proceeds from an estimated $115 million initial public offering of stock to retire $93.75 million principal amount at maturity of 8 3/8% senior secured notes due 2009.

The company said it also will use money from the IPO to pay $5.8 million in a secured senior credit facility.

Merrill Lynch and JPMorgan are joint lead managers for the IPO. Lazard Capital Markets is a co-manager.

The company said it will apply to list its shares on the Nasdaq National Market under the symbol "GOLF."

Golfsmith is an Austin, Texas, retailer of golf-related products.

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