New Issue: Sheridan prices $105 million 10¼% eight-year notes to yield 10½%

By Paul A. Harris

St. Louis, Aug. 14 - Sheridan Acquisition Corp. sold $105 million ($103,600,350 proceeds) of 10¼% senior secured notes due Aug. 15, 2011 (B1/B) for 98.667, on Thursday, to yield 10½%, according to an informed source.

Price talk was 10¼%-10½%.

Jefferies & Co. was the bookrunner on the Rule 144A/Regulation S deal.

Proceeds will be used to help fund the LBO by Bruckmann, Rosser, Sherrill & Co. and Jefferies Capital Partners, and for working capital.

The issuer is a Hunt Valley, Md.-based publishing company.

Upon consummation of the acquisition Sheridan Acquisition Corp. will merge with and into The Sheridan Group, Inc.

Issuer:	Sheridan Acquisition Corp. (The Sheridan Group, Inc.)
Amount offered:	$105 million
Proceeds:	$103,600,350
Maturity:	Aug. 15, 2011
Security description:	Senior secured notes
Bookrunner:	Jefferies & Co.
Coupon:	10¼%
Price:	98.667
Yield:	10½%
Call features:	Callable on Aug. 15, 2007 at 105.125, 102.563, par on Aug. 15, 2009 and thereafter
Equity clawback:	Until Aug. 15, 2006 for up to 35% at 110.25
Settlement date:	Aug. 21, 2003 (T+5)
Ratings:	Moody's: B1
	Standard & Poor's: B
Price talk:	10¼%-10½%

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