|
MADISON, N.C., May 17, 2007 – Remington Arms Company, Inc.
(the “Company”) today announced that in connection with the consent
solicitation that it commenced on May 1, 2007 (as amended, the
"Consent Solicitation") relating to the $200,000,000 principal
amount of its 10 1/2% Senior Notes due 2011 (CUSIP No. 759576AE1)
(the "Notes"), the Company has received the required percentage of
consents necessary to amend the indenture governing the Notes. As of
5:00 p.m., New York City time, on May 17, 2007, the Company had
received consents from holders of Notes representing a majority of
the principal amount of outstanding Notes, excluding Notes owned by
the Company or its affiliates.
If all conditions to the Consent Solicitation are satisfied, holders
of Notes who validly delivered, and did not validly revoke, their
consents by 5:00 p.m., New York City time, on May 17, 2007 are
entitled to an early consent fee equal to $7.50 per $1,000 principal
amount of Notes in respect of which consents were validly delivered
and not revoked. If all conditions to the Consent Solicitation are
satisfied, holders of Notes who validly deliver their consents after
5:00 p.m., New York City time, on May 17, 2007 but on or prior to
5:00 p.m., New York City time, on May 21, 2007 are entitled to a
late consent fee equal to $2.50 per $1,000 principal amount of Notes
in respect of which consents are validly delivered. Payment of
applicable consent fees will be made promptly after each of the
conditions set forth in the Consent Solicitation is satisfied or
waived, including the condition that the closing of the acquisition
of the Company’s sole stockholder, RACI Holding, Inc., by American
Heritage Arms, LLC, an affiliate of Cerberus Capital Management,
L.P., shall have occurred (such transaction, the “Transaction”). The
Company will not be required to pay any consent fees unless such
conditions are satisfied or waived.
Today the Company, RA Brands, L.L.C. and U.S. Bank National
Association executed a Supplemental Indenture that gives effect to
the amendments described in the Consent Solicitation Statement,
dated May 1, 2007 (the “Consent Solicitation Statement”), as
supplemented by the Supplement, dated May 16, 2007 (the
“Supplement”). These amendments, which will amend the existing
indenture governing the Notes, will become operative after each of
the conditions set forth in the Consent Solicitation (including the
closing of the Transaction) is satisfied or waived.
Credit Suisse Securities (USA) LLC is serving as the exclusive
Solicitation Agent for the Consent Solicitation. The Information
Agent is D.F. King & Co., Inc. Any questions or requests for
assistance or additional copies of documents, including the Consent
Solicitation Statement and the Supplement, may be directed to the
Information Agent toll free at (800) 431-9633 (banks and brokers
call collect at (212) 269-5550). The Consent Solicitation Statement
and the Supplement have also been furnished by the Company to the
Securities and Exchange Commission (the “SEC”) as exhibits to a Form
8-K, dated May 16, 2007, which is available on the SEC website,
www.sec.gov.
About Remington Arms
Company, Inc.
Remington Arms Company, Inc., headquartered in Madison, N.C.,
designs, produces and sells sporting goods products for the hunting
and shooting sports markets, as well as solutions to the military,
government and law enforcement markets. Founded in 1816 in upstate
New York, the Company is one of the nation’s oldest continuously
operating manufacturers. Remington is the only U.S. manufacturer of
both firearms and ammunition products and one of the largest
domestic producers of shotguns and rifles. The Company distributes
its products throughout the U.S. and in over 55 foreign countries.
More information about the Company can be found at
www.remington.com.
About Cerberus Capital
Management, L.P.
Established in 1992, Cerberus Capital Management, L.P. is one of the
world’s leading private investment firms with approximately $23.5
billion under management in funds and accounts. Through its team of
more than 275 investment and operations professionals, Cerberus
specializes in providing both financial resources and operational
expertise to help transform undervalued companies into industry
leaders for long-term success and value creation. Cerberus is
headquartered in New York City, with affiliate and/or advisory
offices in Chicago, Los Angeles, Atlanta, London, Baarn, Frankfurt,
Tokyo, Osaka and Taipei.
Forward-Looking
Statements
This press release includes "forward-looking statements" within the
meaning of federal securities laws. Forward-looking statements give
the Company's current expectations or forecasts of future events.
These forward looking statements include expectations regarding (i)
the proposed sale, (ii) the anticipated benefits of the sale and
(iii) the timing of the proposed sale. The Company cautions that
these statements are qualified by important factors that could cause
actual results to differ materially from those reflected by such
forward-looking statements. Such factors include the demand for the
Company's products, the Company's growth opportunities, and other
risks detailed from time to time in the Company's reports filed with
the SEC, including its Form 10-K Report for the fiscal year ended
December 31, 2006.
The Company assumes no
obligation to update publicly such forward-looking statements,
whether as a result of new information, future events or otherwise.
Media Contacts
|
For
Cerberus:
Cerberus Media Line: (212) 891-1558
Peter Duda: (212) 445-8213
JJ Rissi: (212) 445-8224 |
For
Remington Arms Company:
Al Russo: (336) 548-8572 |
|
