Gravel Agency
Expired Industry Member
REMINGTON OUTDOOR COMPANY SUCCESSFULLY EMERGES FROM CHAPTER 11
Significantly Reduced Debt Load and Interest Expense
Continued Focus on Revitalization
Madison, NC – May 16, 2018 – Remington Outdoor Company (“Remington” or “the Company”), one of the world’s leading designers and manufacturers of firearms, ammunition, and related products, announced today that it has emerged from Chapter 11 after successfully implementing its plan of reorganization (“the Plan”) previously confirmed by the Delaware bankruptcy court on May 4, 2018.
The Plan provides a comprehensive balance sheet restructuring of the Company and converts over $775 million of the Company’s debt into equity. In addition, the Plan provides the Company with a new Asset Based Loan (“ABL”) facility of $193 million, the proceeds of which will refinance its prior ABL facility in full, a new $55 million First-In, Last-Out Term Loan and a new $100 million Term Loan. As an integral part of the Plan, all trade and business claims are unimpaired and will be addressed in the Company’s normal course of business. The Plan received support from over 97% of the voting Term Loan Lenders and all of the voting Third Lien Noteholders.
As provided in the Plan, all shares of Remington’s common stock issued prior to the commencement of Remington’s bankruptcy proceeding were cancelled upon emergence, and Remington has issued new shares of common stock and, in some cases, warrants, to the holders of its previously outstanding funded debt in return for their allowed claims against Remington. The term of Remington’s previous Board of Directors expired upon emergence and a new Board of Directors shall be appointed immediately.
“It is morning in Remington country,” said Anthony Acitelli, Chief Executive Officer of Remington. Mr. Acitelli continued, “We are excited about the future – producing quality products, serving our customers, and providing good jobs for our employees.”
Remington’s legal counsel is Milbank, Tweed, Hadley & McCloy LLP, its investment banker is Lazard Freres & Co. LLC, and its financial advisor is Alvarez & Marsal. The Term Loan Lenders’ legal counsel is O’Melveny & Myers LLP and their investment banker is Ducera Partners LLC with M-III Advisory Partners, LP also advising the Term Loan Lenders. The Third Lien Noteholders’ counsel is Willkie Farr & Gallagher LLP and their investment banker is Perella Weinberg Partners LP.
Resources
Court filings and claims information may be accessed at
https://cases.primeclerk.com/remington/
About Remington Outdoor Company
Remington Outdoor Company, headquartered in Madison, N.C., is one of the world's leading
innovator, designer, manufacturer, and marketer of firearms, ammunition, and related products
for the hunting, shooting sports, law enforcement, and military markets. As one of the largest
manufacturers in the world of firearms and ammunition, we have some of the most globally
recognized brands including Remington, Bushmaster, DPMS/Panther Arms, Marlin, H&R,
Dakota Arms, Parker, AAC, Barnes Bullets, Storm Lake and Tapco. For more information
download the Remington Outdoor Company Brochure, located on
www.remingtonoutdoorcompany.com.
Significantly Reduced Debt Load and Interest Expense
Continued Focus on Revitalization
Madison, NC – May 16, 2018 – Remington Outdoor Company (“Remington” or “the Company”), one of the world’s leading designers and manufacturers of firearms, ammunition, and related products, announced today that it has emerged from Chapter 11 after successfully implementing its plan of reorganization (“the Plan”) previously confirmed by the Delaware bankruptcy court on May 4, 2018.
The Plan provides a comprehensive balance sheet restructuring of the Company and converts over $775 million of the Company’s debt into equity. In addition, the Plan provides the Company with a new Asset Based Loan (“ABL”) facility of $193 million, the proceeds of which will refinance its prior ABL facility in full, a new $55 million First-In, Last-Out Term Loan and a new $100 million Term Loan. As an integral part of the Plan, all trade and business claims are unimpaired and will be addressed in the Company’s normal course of business. The Plan received support from over 97% of the voting Term Loan Lenders and all of the voting Third Lien Noteholders.
As provided in the Plan, all shares of Remington’s common stock issued prior to the commencement of Remington’s bankruptcy proceeding were cancelled upon emergence, and Remington has issued new shares of common stock and, in some cases, warrants, to the holders of its previously outstanding funded debt in return for their allowed claims against Remington. The term of Remington’s previous Board of Directors expired upon emergence and a new Board of Directors shall be appointed immediately.
“It is morning in Remington country,” said Anthony Acitelli, Chief Executive Officer of Remington. Mr. Acitelli continued, “We are excited about the future – producing quality products, serving our customers, and providing good jobs for our employees.”
Remington’s legal counsel is Milbank, Tweed, Hadley & McCloy LLP, its investment banker is Lazard Freres & Co. LLC, and its financial advisor is Alvarez & Marsal. The Term Loan Lenders’ legal counsel is O’Melveny & Myers LLP and their investment banker is Ducera Partners LLC with M-III Advisory Partners, LP also advising the Term Loan Lenders. The Third Lien Noteholders’ counsel is Willkie Farr & Gallagher LLP and their investment banker is Perella Weinberg Partners LP.
Resources
Court filings and claims information may be accessed at
https://cases.primeclerk.com/remington/
About Remington Outdoor Company
Remington Outdoor Company, headquartered in Madison, N.C., is one of the world's leading
innovator, designer, manufacturer, and marketer of firearms, ammunition, and related products
for the hunting, shooting sports, law enforcement, and military markets. As one of the largest
manufacturers in the world of firearms and ammunition, we have some of the most globally
recognized brands including Remington, Bushmaster, DPMS/Panther Arms, Marlin, H&R,
Dakota Arms, Parker, AAC, Barnes Bullets, Storm Lake and Tapco. For more information
download the Remington Outdoor Company Brochure, located on
www.remingtonoutdoorcompany.com.
