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August 02, 2015 4:29 PM ET

Aerospace and Defense

Company Overview of Colt Defense LLC

Company Overview

Colt Defense LLC researches, develops, manufactures, and sells firearms for military, personal defense, and recreational purposes in the United States and internationally. Its products include handguns, such as pistols and revolvers; and long guns and regulated offerings comprising military and law enforcement products, and commercial rifles and carbines. The company provides M4 carbine and M16 rifle products, including M4 commandos, C8 carbines, C8SFW, C7 rifles, infantry automatic rifles, sub-compact weapons, and the 9mm submachine guns, as well as precision bolt action rifles and grenade launchers. It also produces and provides spare parts and accessories to repair, replace, and upgrade f...

547 New Park Avenue

West Hartford, CT 06110

United States

811 Employees

Phone:

860-232-4489

Fax:

860-244-1442

Key Executives for Colt Defense LLC

Chief Executive Officer and President
Age: 68
Chief Financial Officer and Senior Vice President of Finance
Age: 49
Senior Vice President and General Counsel
Senior Vice President of Commercial Programs
Senior Vice President of Government & Military Programs
Compensation as of Fiscal Year 2015.

Colt Defense LLC Key Developments

Colt Defense LLC Announces Unaudited Preliminary Earnings Results for the First Quarter Ended April 5, 2015

Colt Defense LLC announced unaudited preliminary earnings results for the first quarter ended April 5, 2015. For the quarter, the company’s net sales were $41,511,000 compared to $50,080,000 a year ago. Net loss was $20,753,000 compared to $7,946,000 a year ago. Adjusted LBITDA was $6,246,000 compared to adjusted EBITDA of $3,076,000 a year ago.

Colt Defense Up for Sale

Colt Defense LLC filed for bankruptcy protection on June 14, 2015 and has put itself up for sale in an unusual auction with an opening proposal from its current owner. An affiliate of private equity firm Sciens Capital Management has proposed buying Colt Defense CDEFHC.UL by assuming obligations including up to $105 million in outstanding loans and as much as $20 million in new loans, court documents filed on Monday show. The so-called stalking horse bid does not involve any cash and sheds $250 million in bonds.

Colt Defense LLC Announces the Terms of its Exchange Offer for $250 Million in Senior Unsecured Notes

Colt Defense LLC has announced the terms of its exchange offer for its $250 million in senior unsecured notes after reaching a restructuring support agreement with its lenders. The company announced on June 1 that it has entered into a restructuring support agreement with its term loan lenders, who have agreed to provide Colt Defense with the necessary funding to complete its restructuring. The company currently has a $35 million term loan from lenders led by administrative agent Cortland Capital Market Services LLC. Marblegate Special Opportunities Master Fund LP and P Marblegate Ltd. are also among the lenders. The loan is priced at 10% and matures on Aug. 15, 2018. The loan was previously $33 million. Colt Defense also has a $72.6 million term loan from lender Morgan Stanley Senior Funding Inc. Wilmington Savings Fund Society FSB is the administrative agent on this term loan, which is priced at 10%, with 8% paid in cash and 2% paid in kind. The debt matures on Aug. 15, 2018. The loan was previously $70 million. Colt Defense has been soliciting votes for a prepackaged reorganization in Chapter 11 and consents for an exchange offer of its $250 million in 8.75% senior unsecured notes due Nov. 15, 2017. Through the restructuring support agreement, the term loan lenders will provide the company with a $15 million debtor-in-possession loan to fund its Chapter 11 case, if Colt Defense decides to file for bankruptcy protection. The lenders will also offer the company exit financing that will restructure its outstanding term loans and the DIP. Under the company's amended exchange offer, Colt Defense is now offering the holders of its $250 million in 8.75% senior unsecured notes the ability to exchange their notes for 10% junior-priority senior secured notes due in 2021. Every $1,000 of unsecured notes would be exchanged for $450 in the new secured notes. If all of the old notes are exchanged, the company would have $112.5 million of the new 10% notes outstanding. The new notes would mature in six years and for the first four years, the interest on the notes would be paid-in-kind, if the company can meet a certain secured leverage ratio. After that, the interest would be paid either in cash or PIK. The exchange offer is now set to expire on June 12, which is also the new deadline for the creditors to vote on Colt Defense's prepackaged reorganization plan. The company needs 98% participation of its exchange offer for the deal to close or else it may make a prepackaged bankruptcy filing. If it doesn't get approval from at least two-thirds of its note holders on the prepack, it may look to sell substantially all of its assets through a Section 363 sale in bankruptcy protection.

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