A $200 million high-yield deal recently pulled by PCA International will likely be restructured and brought to market in the next month or two, according to an official familiar with the deal. The seven-year deal was to refinance existing debt. Goldman Sachs is still expected to underwrite the deal. Bankers were reportedly hoping for a B3/B- rating, but the senior unsecured notes were assigned a Caa1 rating from Moody's Investors Service. Marie Menendez, a Moody's analyst, would not comment on how the deal could be structured to get a higher rating. Price talk had been sweetened to 12.5%, with 5% equity warrants, according to a report by Dow Jones Newswires. Don Mullen, co-head of leveraged finance at Goldman Sachs, referred calls to Bruce Corwin, a firm spokesman, who declined to comment. Don Norsworthy, PCA's cfo, did not return calls. PCA International sells photography services in retail locations such as Wal-Mart Stores.
PCA International Will Look To Restructure Junk Deal