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SWHC > SEC Filings for SWHC > Form 8-K on 26-Jun-2013All Recent SEC Filings

Show all filings for SMITH & WESSON HOLDING CORP

Form 8-K for SMITH & WESSON HOLDING CORP


26-Jun-2013

Entry into a Material Definitive Agreement, Creation of a Direct Fina


Item 1.01. Entry into a Material Definitive Agreement.

On June 26, 2013, we issued an aggregate of $25.0 million of our new 5.875% Senior Notes due 2017 (the "New Notes") for cash (the "Note Purchase"), pursuant to the terms and conditions of an exchange and purchase agreement, dated as of June 21, 2013, by and between us and the institutional investors party thereto (the "Exchange and Purchase Agreement"). The New Notes were issued without registration in reliance on the exemption provided by Section 4(a)(2) of the Securities Act of 1933, as amended.

Following the Note Purchase, we have issued an aggregate of $100.0 million of notes pursuant to the Indenture (as defined below), consisting of the New Notes and all notes previously issued pursuant to the Indenture (collectively, the "Notes").

The New Notes were issued pursuant to the terms and conditions of an indenture (the "Original Indenture"), dated as of June 17, 2013, between us and The Bank of New York Mellon Trust Company, N.A., as trustee (the "Trustee"), as supplemented by a first supplemental indenture, dated as of June 26, 2013, between us and the Trustee (the "Supplemental Indenture," and together with the Original Indenture, the "Indenture").

The outstanding Notes pay interest on June 15 and December 15 of each year, beginning on December 15, 2013, at an annual rate of 5.875% of the unpaid principal amount. If an event of default occurs, the Trustee under the Indenture or holders of no less than 25% in principal amount of the outstanding Notes may accelerate the payment on the principal amount and any accrued and unpaid interest. Events of default include, among other events, a default in payment on the Notes, and our breach of the covenants described below.

At any time prior to June 15, 2015, we may, at our option (a) upon not less than 30 nor more than 60 days' prior notice, redeem all or a portion of the Notes at the redemption price of 100% of the principal amount of the Notes, plus an applicable premium, plus accrued and unpaid interest as of the redemption date; or (b) redeem up to 35% of the aggregate principal amount of the Notes with the net cash proceeds of one or more equity offerings at a redemption price of 105.875% of the principal amount of the Notes, plus accrued and unpaid interest as of the redemption date; provided that in the case of the foregoing clause, at least 65% of the aggregate original principal amount of the Notes remains outstanding, and the redemption occurs within 60 days after the closing of the equity offering. On and after June 15, 2015, we may, at our option, upon not less than 30 nor more than 60 days' prior notice, redeem all or a portion of the Notes at the redemption price of (a) 102.9375% of the principal amount of the Notes to be redeemed, if redeemed during the 12-month period beginning on June 15, 2015; or (b) 100% of the principal amount of the Notes to be redeemed, if redeemed during the 12-month period beginning on June 15, 2016, plus, in either case, accrued and unpaid interest on the Notes as of the applicable redemption date. Subject to certain restrictions and conditions, we may be required to make an offer to repurchase the Notes from the holders of the Notes in connection with a change of control or disposition of assets. If not redeemed by us or repaid pursuant to the holders' right to require repurchase, the Notes mature on June 15, 2017.


The New Notes are general senior unsecured obligations of our company. The Indenture contains certain affirmative and negative covenants, including limitations on restricted payments, limitations on indebtedness, limitations on the sale of assets, and limitations on liens.

The foregoing is a summary only and does not purport to be a complete description of all of the terms, provisions, covenants, and agreements contained in the Original Indenture, the Supplemental Indenture, and the Exchange and Purchase Agreement, and is subject to and qualified in its entirety by reference to the full text of such documents. The Supplemental Indenture is filed herewith as Exhibit 4.30(a) and is hereby incorporated by reference into this Item 1.01. The Original Indenture and the form of Exchange and Purchase Agreement were filed as Exhibits 4.30 and 10.103, respectively, to our Current Report on Form 8-K filed with the Securities and Exchange Commission on June 17, 2013 and are hereby incorporated by reference into this Item 1.01.



Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The disclosure provided in Item 1.01 of this Current Report on Form 8-K is hereby incorporated by reference into this Item 2.03 with respect to the terms and sale of the Notes.



Item 9.01. Financial Statements and Exhibits.

(a) Financial Statements of Business Acquired.

Not applicable.

(b) Pro Forma Financial Information.

Not applicable.

(c) Shell Company Transactions.

Not applicable.

(d) Exhibits.

Exhibit
Number       Exhibits

4.30(a)      First Supplemental Indenture, dated as of June 26, 2013, among Smith &
             Wesson Holding Corporation and The Bank of New York Mellon Trust
             Company, N.A., as Trustee


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