Main St. Personal Finance to start roadshow Monday for $95 million eight-year secured notes

By Paul A. Harris

Portland, Ore., June 16 - Main St. Personal Finance, Inc. will begin a roadshow on Monday for a $95 million offering of eight-year senior secured notes, according to an informed source.

Bookrunner Cortview Capital Securities makes its debut in the high-yield bond market leading this Rule 144A for life transaction.

The notes come with four years of call protection. In addition, a special call provision allows the issuer to redeem 10% of the notes annually at 103 during the non-call period.

The notes feature standard high-yield covenants, including a three-year 35% equity clawback and a 101% poison put.

Proceeds will be used to fund the acquisition of Express Cash Advance, to repay bank debt, to fund the buyout of a minority equity and debt holder and for general corporate purposes.

The Cleveland, Tenn.-based payday loan and title loan firm does business as Approved Cash Advance, Quik Lend, and A Dollar.

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