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February 10, 2015

Colt secures $33M loan facility

West Hartford gun maker Colt Defense LLC said it has secured a $33 million loan that will help it repay outstanding debts under its existing agreement, and for liquidity and general working capital.

The senior secured term loan facility is from Cortland Capital Market Services.

In November, Colt warned that it was at risk of defaulting on its interest payments, but soon thereafter secured a $70 million loan from Morgan Stanley Senior Funding.

The Cortland loan carries 10 percent interest per year and will mature in 2018. Colt said it had to get amendments from its existing lenders in order to do the loan deal with Cortland.

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Ch. 11 looms for gunmaker Colt

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