New Issue: Armor Holdings sells $150 million 10-year notes to yield 8½%

By Paul A. Harris

St. Louis, Aug. 6 - Armor Holdings sold $150 million of 8¼% senior subordinated notes due Aug. 15, 2013 (B1/B+) at 98.336 Wednesday to yield 8½%, according to an informed source.

Price talk was for a yield in the 8% area.

Wachovia Securities, Inc. was bookrunner on the Rule 144A deal.

Proceeds will be used to fund Armor's acquisition of Simula, Inc., to repay debt and for general corporate purposes, including working capital and capital expenditures.

The issuer is a Jacksonville, Fla.-based company that sells security products and services.

Issuer:	Armor Holdings, Inc.
Amount:	$150 million
Maturity:	Aug. 15, 2013
Security description:	Senior subordinated notes
Bookrunner:	Wachovia Securities
Coupon:	8¼%
Price:	98.336
Yield:	8½%
Spread:	423 basis points
Call features:	Callable on Aug. 15, 2008 at 104.125, then 102.75, 101.375, declining to par on Aug. 15, 2011 and thereafter
Equity clawback:	Until Aug. 15, 2006 for 35% at 108.25
Settlement date:	Aug. 12, 2003
Ratings:	Moody's: B1
	Standard & Poor's: B+
Rule 144A Cusip:	042260AA7
Price talk:	8% area

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