Remington Arms amends loan, changing EBITDA requirements

By Sara Rosenberg

New York, Oct. 20 - Remington Arms Co. Inc. amended its credit facility, reducing the minimum consolidated EBITDA requirement for Sept. 30 and Dec. 31, and establishing new levels for the quarters ended March 31, 2006, June 30, 2006 and Sept. 30, 2006, according to an 8-K filed with the Securities and Exchange Commission Thursday.

Furthermore, under the amendment, the requirement to maintain a minimum amount of availability until the achievement of specified financial ratio levels was extended to Jan. 1, 2007 from March 31, 2006 and the minimum availability requirement was increased to $30 million from $20 million.

The amendment was completed on Oct. 14, but is effective as of Sept. 30.

Wachovia is the agent on the deal.

Remington is a Madison, N.C., designer, producer and seller of sporting goods products for the hunting, shooting sports and fishing markets.

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