Armor Holdings begins tender for 8¼% notes

By Jennifer Chiou

New York, July 3 - Armor Holdings, Inc. said it launched a cash tender offer for any and all of its $150 million of 8¼% senior subordinated notes due 2013.

The company also is soliciting consents to amend the note indenture to eliminate substantially all restrictive covenants and certain event of default provisions.

The consent deadline is 5 p.m. ET on July 16. The offer ends at midnight ET on July 30.

For each $1,000 principal amount, the company said it will determine its payout using the 4.125% Treasury due Aug. 15, 2008 and a fixed spread of 50 basis points.

The payout will include a $20.00 consent payment to those who tender prior to the early deadline.

The offer is conditioned on the completion of the proposed merger of Jaguar Acquisition Sub Inc. and a wholly owned subsidiary of BAE Systems, Inc., with and into Armor as well as the receipt of tenders from holders of a majority of notes.

UBS Investment Bank is the dealer manager and solicitation agent (888 722-9555, ext. 4210 or call collect 203 719-4210). U.S. Bank NA is the depositary, and Global Bondholder Services Corp. is the information agent (866 804-2200 or call collect 212 430-3774).

Armor is a Jacksonville, Fla.-based manufacturer and distributor of security products and vehicle armor systems serving military, law enforcement, homeland security and commercial markets.

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