Armor greenshoe exercised, raising convertibles to $345 million

Pittsburgh, Nov. 4 - Armor Holdings Inc. said the underwriters of its recent offering of 2% senior subordinated convertible notes due Nov. 1, 2024 exercised the $45 million over-allotment option in full, raising the size of the deal to $345 million.

The Jacksonville, Fla., manufacturer and distributor of security products and vehicle armor systems originally priced $300 million of the securities before the market open on Oct. 26 to yield 2% with a 37.5% initial conversion premium.

Goldman Sachs & Co. was the bookrunner on the registered deal.

Armor is expected to use proceeds to finance the previously announced $92 million purchase of The Specialty Group Inc. and for future acquisitions.

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