Chicago, Oct. 29 – Armor Holdco, Inc. priced $350 million of 8½% eight-year senior notes (Caa1/CCC+) at par on Friday, according to a market source.
The notes priced at the wide end of official talk for a yield of 8¼% to 8½%, after a revision from initial talk in the high 7% to 8% area.
The deal, with other acquisition financing, is helping to back the combination of Equiniti Group and AST by sponsor Siris Capital.
Goldman Sachs is the left bookrunner. BofA, Deutsche Bank and Lloyds are the joint bookrunners.
The Rule 144A and Regulation S notes become callable after three years at par plus 50% of the coupon. There is a step-down to par plus 25% of the coupon before the notes are callable at par.
Equiniti is a provider of mission-critical shareholder, pension, remediation and credit technology in the United States and the United Kingdom. AST is a provider of mission-critical shareholder technology in the United States.
| Issuer: | Armor Holdco, Inc.
|
| Issue: | Senior notes
|
| Amount: | $350 million
|
| Maturity: | Nov. 15, 2029
|
| Left bookrunner: | Goldman Sachs
|
| Joint bookrunners: | BofA, Deutsche Bank and Lloyds
|
| Coupon: | 8½%
|
| Price: | Par
|
| Yield: | 8½%
|
| Spread: | Treasuries plus 702 bps
|
| Call features: | Three years of call protection; then at par plus 50% of the coupon, subsequently at par plus 25% of coupon and then par call
|
| Trade date: | Oct. 29
|
| Settlement date: | Nov. 15
|
| Ratings: | Moody’s: Caa1
|
| S&P: CCC+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 8¼% to 8½%; initial price talk high 7% to 8% area
|
| Cusips: | 04625PAA9, U0461RAA
|
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