Main St. Personal Finance converts planned $95 million note offering into private loan

By Paul A. Harris

Portland, Ore., Aug. 1 - Main St. Personal Finance, Inc. converted its $95 million Rule 144A offering of eight-year senior secured notes (B3/B-) into a private loan on terms relatively similar to the bond deal, an informed source said on Monday.

The bonds, which had been in the market via bookrunner Cortview Capital Securities, had been talked in July with a 13% to 13½% yield.

The loan was not broadly syndicated, according to the source, who declined to furnish the size and the interest rate of the private deal.

Main St. Personal Finance, a Cleveland, Tenn.-based payday loan and title loan firm, was in the high-yield market to raise cash to fund its 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.

Main St. Personal Finance does business as Approved Cash Advance, Quik Lend and A Dollar.

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