Noteholder wishes to discuss consent solicitation for 10½% notes with Remington Arms

By Jennifer Chiou

New York, May 3 - Bracewell & Giuliani LLP said that a large holder of Remington Arms Co., Inc.'s 10½% senior notes due Feb. 1, 2011 seeks to discuss the company's consent solicitation for the securities.

Remington Arms launched the consent solicitation for its $200 million of 10½% notes on May 1 to amend the indenture relating to the definition of "permitted holder," which is used for the purposes of determining whether a change of control has occurred, in order for a subsidiary of Cerberus Capital Management, LP to acquire RACI Holding, Inc., the sole stockholder of the Remington Arms.

The amendment would allow the company to complete the acquisition without having to make an offer to repurchase the notes.

Other amendments would allow Cerberus to take the place of the existing sponsors and thus permit the company to make certain payments and distributions to Cerberus and its affiliates under the indenture.

The early consent deadline is 5 p.m. ET on May 14. Those who tender by that times will receive the early consent fee of $5.00 for each $1,000 principal amount of notes.

Those who tender after the early deadline but before 5 p.m. ET on May 21 will receive the late consent fee of $2.50 for each $1,000 principal amount of notes.

The solicitation is conditioned on the receipt of consents from holders of a majority of notes.

Credit Suisse Securities (USA) LLC is the solicitation agent, and D.F. King & Co., Inc. is the information agent (800 431-9633 or call collect 212 269-5550).

Bracewell & Giuliani said that other noteholders who have an interest in the discussions should contact Evan Flaschen (860 256-8537).

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