Shop at Home $135 million roadshow starts Feb. 24, via Fleet

By Paul A. Harris

St. Louis, Mo., Feb. 20 - Shop at Home, Inc. starts a roadshow Tuesday for a new offering of $135 million of senior secured notes due 2009 (existing ratings B2/CCC+), according to a syndicate source.

The deal is expected to price at the end of the week of March 4, the source said.

Fleet Securities will run the books on the Rule 144A notes, which are non-callable for four years, and contain an equity clawback of 35% for three years. RBC has been identified as co-manager.

"The company has bonds out there," the syndicate source said adding that proceeds from the new notes will be used to redeem its $75 million of 11% senior secured notes due April 1, 2005. Those notes become callable on April 1 at 105.5, the source added.

"The new bonds are secured by a first lien on five TV stations, and all other assets, except for working capital," the source added.

The interactive TV and web retail business is based in Nashville, Tenn.

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