Item 8.01. Other Events
On September 28, 2020, Vista Outdoor Inc. (the "Company") issued a press release
announcing that it has been named a successful bidder in the auction process
pursuant to Section 363 of the United States Bankruptcy Code conducted in
connection with Remington Outdoor Company, Inc.'s ("ROC's") Chapter 11
bankruptcy cases pending in the United States Bankruptcy Court for the Northern
District of Alabama. As a result, the Company expects to acquire certain assets
related to ROC's ammunition and accessories businesses, including ROC's
ammunition manufacturing facility in Lonoke, Arkansas and related intellectual
property. The Company has agreed to pay a gross purchase price of $81.4 million
for the assets to be acquired, subject to certain customary closing adjustments.
The transaction is subject to the approval of the United States Bankruptcy Court
for the Northern District of Alabama at a hearing currently scheduled for
September 29, 2020, and other customary closing conditions. The Company will
finance the purchase price to be paid at closing using cash on hand and
borrowings under its existing asset-based revolving credit facility. The press
release announcing the agreement is filed as Exhibit 99.1 hereto and
incorporated by reference herein.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits.
Exhibit
No. Description
99.1 Press Release, dated September 28, 2020.
1
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