PCA International starts roadshow Monday for $200 million seven-year notes

By Paul A. Harris

St. Louis, Mo., April 11 - PCA International, Inc. will begin its roadshow Monday for an offering of $200 million senior notes due 2009 (Caa1/B-), according to a syndicate source.

Goldman Sachs & Co. is the bookrunner and Banc of America Securities is a co-manager, according to the source who added that other co-managers could be announced.

The Rule 144A notes are non-callable for four years and will contain an equity clawback of 35% for three years.

Proceeds along with a $50 million senior secured credit facility will be used to repay $104 million of subordinated notes and $150 million of bank debt, according to a syndicate source.

Pricing is expected on April 23.

The Matthews, N.C.-based company provides photographic services.

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