Main St. Personal Finance talks $95 million eight-year secured notes with 13%-13½% yield

By Paul A. Harris

Portland, Ore., July 8 - Main St. Personal Finance, Inc. talked its $95 million offering of eight-year senior secured notes (B3/B-) with a 13% to 13½% yield, an informed source said on Friday.

The Rule 144A and Regulation S for life deal is expected to price during the July 11 week.

Bookrunner Cortview Capital Securities makes its debut in the high-yield bond market leading this 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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