Armor Holdings marketing $400 million 10-year notes, pricing seen next week

By Paul Deckelman

New York, June 21 - Armor Holdings Inc. was heard by high-yield syndicate sources to have hit the road Wednesday to market its previously announced $400 million offering of 10-year notes to prospective investors.

The sources said that the roadshow for the senior subordinated notes deal will run through next Monday, with pricing expected on Tuesday via joint book-running managers Merrill Lynch & Co. and Wachovia Securities, as well as co-manager Banc of America Securities.

The Rule 144A notes will be non-callable for the first five years, the sources said, and the indenture contains the standard three-year equity clawback provision for up to 35% of the issue.

Standard & Poor's has assigned the new deal a B+ rating.

Armor, a Jacksonville, Fla.-based diversified manufacturer of branded products for the military, law enforcement and personnel safety markets, expects to use the proceeds from the new deal to refinance bank debt which it incurred to fund its acquisition earlier this year of Stewart & Stevenson Services, a rival Houston-based manufacturer of tactical vehicles.

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