Armor/Equiniti talks $350 million eight-year notes to yield 8¼% to 8½%, pricing Friday

By Paul A. Harris

Portland, Ore., Oct. 28 – Armor Holdco, Inc. talked its $350 million offering of eight-year senior notes (Caa1/CCC+) to yield 8¼% to 8½%, according to market sources.

Official talk comes wide to early guidance which had the deal coming to yield in the high 7% to 8% area.

Books close at 10 a.m. ET Friday, and the deal, backing the combination of Equiniti Group and AST by sponsor Siris Capital, is set to price thereafter.

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.

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.

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