February 12, 2018 / 1:23 PM / 10 months ago

BRIEF-Remington Announces Restructuring Support Agreement With Creditors

Feb 12 (Reuters) - Remington Outdoor Company Inc :

* REMINGTON OUTDOOR COMPANY ANNOUNCES RESTRUCTURING SUPPORT AGREEMENT WITH CREDITORS FOR A COMPREHENSIVE FINANCIAL RESTRUCTURING AND $145 MILLION OF NEW CAPITAL

* ‍REACHED RESTRUCTURING SUPPORT AGREEMENT WITH CREDITORS HOLDING A MAJORITY OF FGI OPERATING COMPANY TERM LOANS DUE IN 2019​

* RESTRUCTURING SUPPORT AGREEMENT PROVIDES FOR REDUCTION OF ABOUT $700 MILLION OF REMINGTON’S CONSOLIDATED OUTSTANDING INDEBTEDNESS

* CO’S BUSINESS OPERATIONS WILL CONTINUE TO OPERATE IN NORMAL COURSE AND WILL NOT BE DISRUPTED BY RESTRUCTURING PROCESS

* ‍WILL ARRANGE A NEW ASSET-BASED LOAN FACILITY AT EMERGENCE, PROCEEDS OF WHICH WILL REFINANCE EXISTING ABL FACILITY IN FULL​

* UNDER RESTRUCTURING SUPPORT AGREEMENT, CO WILL PROVIDE A $45 MILLION DELAYED DRAW FIRST-OUT FIRST LIEN TERM LOAN TO FGI OPERATING CO

* CONSENTING CREDITORS WILL PROVIDE A $100 MILLION DEBTOR-IN-POSSESSION TERM LOAN TO FUND COMPANY’S CHAPTER 11 CASES Source text for Eikon: Further company coverage:

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