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8-K - FORM 8-K - SMITH & WESSON BRANDS, INC. | c24039e8vk.htm |
EX-10.78(A) - EXHIBIT 10.78(A) - SMITH & WESSON BRANDS, INC. | c24039exv10w78xay.htm |
Exhibit 99.1
FOR IMMEDIATE RELEASE
Liz Sharp, VP Investor Relations
Smith & Wesson Holding Corp.
(480) 949-9700
lsharp@smith-wesson.com
Smith & Wesson Holding Corp.
(480) 949-9700
lsharp@smith-wesson.com
Smith & Wesson Holding Corporation
Initiates Reduction in Credit Facility
Initiates Reduction in Credit Facility
$55.0M Credit Facility Provides Ample Liquidity and Improved Cost Structure
SPRINGFIELD, Mass., November 2, 2011 Smith & Wesson Holding Corporation (NASDAQ Global Select:
SWHC) Smith & Wesson Holding Corporation today announced that it has taken steps to reduce the
size of its existing credit facility (the Credit Agreement) with TD Bank, N.A., as administrative
agent, and Sovereign Bank, as syndication agent. Amendments to the Credit Agreement, which were
initiated by the Company, include a reduction in the revolving commitment from $115.0 million to
$55.0 million.
Jeffrey D. Buchanan, Executive Vice President and Chief Financial Officer, said, We are very
pleased with the amendments to our Credit Agreement. We have reduced the cost of the facility by
taking the commitment down to $55.0 million, which is well above our recent level of borrowings.
We initiated this effort with our bank because we do not have an active acquisition program at this
time, and we believe that the modified borrowing capacity will provide us with adequate resources
for the foreseeable future as we focus our efforts on our core firearm business. In addition, this
reduction will reduce the commitment fees payable under the Credit Agreement, an action which
supports our objective to reduce our overall costs.
Further details of the Credit Agreement are available in Smith & Wessons Current Report on Form
8-K filed with the SEC on November 2, 2011.
About Smith & Wesson
Smith & Wesson Holding Corporation (NASDAQ Global Select: SWHC) is a U.S.-based, global provider of
products and services for safety, security, protection, and sport. The company delivers a broad
portfolio of firearms and related training to the military, law enforcement, and sports markets,
and designs and constructs facility perimeter security solutions for military and commercial
applications. Smith & Wesson Holding Corporation companies include Smith & Wesson Corp., the
globally recognized manufacturer of quality firearms; Smith & Wesson Security Solutions, Inc., a
full-service perimeter security integrator, barrier manufacturer, and installer; and
Thompson/Center Arms Company, Inc., a premier designer and manufacturer of premium hunting
firearms. Smith & Wesson facilities are located in Massachusetts, Maine, and Tennessee. For more
information on Smith & Wesson and its companies, call (800) 331-0852 or log on to
www.smith-wesson.com.
Safe Harbor Statement
Certain statements contained in this press release may be deemed to be forward-looking statements
under federal securities laws, and we intend that such forward-looking statements be subject to the
safe-harbor created thereby. Such forward-looking statements include those regarding the fact that
the Company does not have an active acquisition program at this time; and the Companys belief that
the modified borrowing capacity will provide it with adequate resources for the foreseeable future
as it focuses its efforts on its core firearm business. We caution that
these statements are qualified by important factors that could cause actual results to differ
materially from those reflected by such forward-looking statements. Such factors include any change
in the Companys acquisition program, the success of the Companys focus on its core firearm
business, and other risks detailed from time to time in our reports filed with the SEC, including
our Form 10-K Report for the fiscal year ended April 30, 2011.