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Smith & Wesson refinances debt

Josey1Josey1 Member Posts: 9,598 ✭✭
edited April 2002 in General Discussion
Smith & Wesson refinances debtScottsdale-based Smith & Wesson Holding Corp. has a new $15 million loan agreement with BankNorth, company officials said Monday. The 12-year note has an interest rate of 5.85 percent and is interest-only for two years and straight amortization over the remaining 10 years. Smith & Wesson Holding Corp. used the funds to pay off $15 million in short-term debt related to its acquisition of gun maker Smith & Wesson Corp. last year. The company retired a short-term $10 million note owed to Tomkins PLC and a $5 million note to Colton Melby, a member of the board of directors. Melby, according to the company's announcement, has reinvested the $5 million into equity. He exercised his warrants for $2.8 million and reinvested the remaining $2.2 million through a private investment in the company's common stock. "This transaction allows us to fulfill the balance of our short-term purchase requirement to Tomkins PLC by retiring the short-term note ahead of schedule and replacing it with a long-term note at a favorable interest rate, while adding $5 million in shareholder equity," said Mitchell Saltz, chairman of Smith & Wesson Holding Corp. Smith & Wesson Holding Corp., formerly Saf-T-Hammer Corp., is the parent company of handgun producer Smith & Wesson Corp., which also manufactures handcuffs, and markets Smith & Wesson-branded bicycles, apparel and other products. For more information on Smith & Wesson, visit its Web sites at http://www.saf-t-hammer.com and http://www.smith-wesson.com. http://www.bizjournals.com/phoenix/stories/2002/04/01/daily10.html
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Comments

  • Evil ATFEvil ATF Member Posts: 1,195 ✭✭✭✭✭
    edited November -1
    I hope they default.Bastards."Look! We're American owned again! Buy from us! Buy from us! Never mind the fact that we're not drop kicking the bravo sierra Clinton agreement under the rug! Buy anyways! BUY DAMNIT!"Don't give me the song and dance about how they're bound by the agreement. If Jebediah Bush is half the American he claims to be, which I doubt, he'll let them renege without any qualms.I wish Gore had won.Democrats stab you in the chest, Republicans stab you in the back.A chip off the old block.That reminds me. I need to go look at some new Taurus revolvers.Sigh. Viva La NWO...
    Stand And Be Counted
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  • gruntledgruntled Member Posts: 8,218 ✭✭
    edited November -1
    I just recently checked their stock price & it makes me sick that I only bought 100 shares just for the fun of it. I bought at 75 cents/share & last time I checked it wasat $2.00. They seem to be on track for a great recovery.
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  • idsman75idsman75 Member Posts: 13,398 ✭✭✭
    edited November -1
    I have no idea where people got the idea that Bush was some kind of grand conservative Republican. He's been and is a moderate Republican at best.
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  • dheffleydheffley Member Posts: 25,000 ✭
    edited November -1
    I hope they make it. I hope I'm not judged by those who want for their destruction. One mistake in 150 years equals death. That's tough.
    Save, research, then buy the best.Join the NRA, NOW!Teach them young, teach them safe, teach them forever, but most of all, teach them to VOTE!
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  • Evil ATFEvil ATF Member Posts: 1,195 ✭✭✭✭✭
    edited November -1
    You act as though they spilled beer on your wife's carpet.It was a pretty big deal and it wasn't a mistake, but a concerted effort on their part to screw America by saving it's own tail. Now that they didn't get the Goobermint contracts they were promised, they came crawling back to us with their tails between their legs.No thanks.
    Stand And Be Counted
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  • dheffleydheffley Member Posts: 25,000 ✭
    edited November -1
    Evil,This has been 'cussed and discussed a hundred times here. The facts haven't changed, but the ownership of the company has. I do not support the agreement or any section of it. I do, however, support the innocent employees of the company, and I would like to give the new management a chance to right the wrongs of the past. I have been through the anger and do not minimize the facts of what happened. I believe we should keep pressure on the new management to fight the agreement and attempt to get it overturned. That being said, I believe that if we let a 150 year old, premier gun manufacturer go out of business, we will have done the work of our enemy. Nothing is going to change the past, and no S&W in the future will not change it either. I would rather focus my energy on seeing that it doesn't happen again! I hope you don't take the disagreement with you personally. It took me a long time to look past my anger and try to determine what would be best in the long run. Maybe I'm wrong. Maybe you are.
    Save, research, then buy the best.Join the NRA, NOW!Teach them young, teach them safe, teach them forever, but most of all, teach them to VOTE!
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