Safety Products may tender for 9 7/8%, 11¾% notes as part of Honeywell acquisition of Norcross

By Laura Lutz

Des Moines, April 4 - Safety Products Holdings, Inc. has drafted plans for a tender offer for the 9 7/8% notes due 2011 of Safety Products and Norcross Capital Corp. and the 11¾% senior pay-in-kind notes of Odyssey Investment Partners LLC and NSP Holdings Capital Corp. due 2012, according to an 8-K filing with the Securities and Exchange Commission.

The tender would be conducted in connection with the $1.2 billion acquisition of Norcross from Odyssey, a deal that was announced on April 4.

Safety Products said it has provided draft tender documents to Honeywell and will consider any comments made by Honeywell before the close of business on April 8.

Under the sale agreement, Safety Products or its subsidiaries may launch a tender offer within 10 business days of the agreement date, April 3.

Unless Honeywell agrees otherwise, the tender offer would be required to settle no later than one business day after the closing of the acquisition. Settlement of the tender offer would be conditional on closing of the acquisition.

Odyssey is a New York-based private equity firm. Honeywell is a technology company based in Morristown, N.J.

Safety Products is the parent company of Norcross, an Oak Brook, Ill.-based maker of personal safety equipment.

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