Remington gets debt commitment from Credit Suisse to back buyout by Cerberus

By Sara Rosenberg

New York, April 5 - Remington Arms Co. Inc. has received a debt financing commitment from Credit Suisse to help back its buyout by Cerberus Capital Management LP, according to a news release.

Under the agreement, Cerberus is buying the company for about $370 million, including the assumption of $252 million of funded debt related to Remington's revolver, 10½% senior subordinated notes due 2011 and other debt.

The transaction is expected to close in June.

Remington is a Madison, N.C., manufacturer of firearms and ammunition.

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