Armor Holdings postpones $400 million 10-year notes, cites market conditions

By Paul A. Harris

St. Louis, June 27 - Armor Holdings Inc. has postponed its proposed $400 million issue of 10-year senior subordinated notes (B1/B+), citing market conditions, according to an informed source.

The Jacksonville, Fla., maker of security products and vehicle armor systems had planned to use the proceeds to refinance debt used to acquire Stewart and Stevenson and for general corporate purposes.

Merrill Lynch & Co. and Wachovia Securities were joint bookrunners for the notes, which had been marketed via Rule 144A and Regulation S.

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