Simpson Thacher represented the initial purchasers, led by J.P. Morgan Securities Inc., in connection with the issuance by Colt Defense LLC and Colt Finance Corp. of $250 million aggregate principal amount of 8.75% senior notes due 2017. The notes were co-issued by Colt Finance Corp., a wholly-owned subsidiary of Colt Defense LLC. Simpson Thacher also represented the lenders in the completion of a $50 million revolving credit facility. Colt Defense used the proceeds from the senior notes offering to, among other uses, repay borrowings under its existing senior subordinated notes and to pay in full the term loan portion of its existing credit facility.
Colt Defense is a designer, developer and manufacturer of small arms and weapons systems for the U.S. Military, its allies and federal, state and local law enforcement agencies. The company's history can be traced to Colonel Sam Colt, who invented the revolving cylinder for small arms in 1836. Products manufactured by Colt Defense include the M4 carbine, M16 fully/semi-automatic rifle, 9mm submachine gun and the M203 grenade launcher.
The Simpson Thacher team for the transactions included Andy Keller, Ryan Bekkerus, Estella Chen and Wei Guo (Capital Markets); Jim Buresh, Nathan Chaney, Jean Chen, Yi Wang and Sarah Hong (Credit); Jon Cantor and Amie Broder (Tax); Mardi Merjian and Daniel Molina (Real Estate); Marcela Robledo and Noah Richmond (Intellectual Property); Tristan Brown and Grace Lin (Executive Compensation and Employee Benefits); Timothy Mulvihill (Environmental); and Julie Levy (Labor). Paralegals Kimberly McMenamy, Jason Mull and Christopher Stone also provided valuable assistance.