New Issue: Da-Lite Screen prices $105 million 12½% five-year notes at 97.305 to yield 13¼%

By Paul A. Harris

St. Louis, March 19 - Da-Lite Screen Co., Inc. priced a $105 million issue of 12½% five-year senior notes (B1/B) at 97.305 to yield 13¼% on Friday, according to an informed source.

The yield printed on top of yield talk. The reoffer price came slightly rich to discount talk of approximately 3 points.

Morgan Stanley & Co. Inc. ran the books for the quick-to-market deal.

Proceeds will be used to retire the company's 9½% senior notes due 2011.

The issuer is a Warsaw, Ind.-based manufacturer and marketer of projection screens and presentation products.

Issuer:	Da-Lite Screen Co., Inc.
Amount:	$105 million
Proceeds:	$102.17 million
Maturity:	April 1, 2015
Securities:	Senior notes
Bookrunner:	Morgan Stanley & Co.
Coupon:	12½%
Price:	97.305
Yield:	13¼%
Spread:	1,083 bps
Call features:	Callable on April 1, 2013 at 106.25, par on and after April 1, 2014
Equity clawback:	For 35% at 112.50 until April 1, 2013
Trade date:	March 19
Settlement date:	March 24
Ratings:	Moody's: B1
	Standard & Poor's: B
Distribution:	Rule 144A/Regulation S with registration rights
Price talk:	13¼% area with about 3 points of original issue discount
Marketing:	Quick to market

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