Bank Of America To Provide Loan To Remington Firearms Company
- 6 years ago
Bank of America is preparing to provide critical financing to Remington Outdoor Co, which makes assault-type rifles. This news comes just weeks after the U.S. bank said it would stop financing “military-style” firearms for civilians. The bank is contributing $43.2 million to a $193 million lending package funded by seven banks. The loan will help put Remington back on stable footing as it emerges from bankruptcy later this month. Remington makes the Bushmaster assault-style rifle, including the one used in the Sandy Hook school shooting in Connecticut in 2012 that killed 20 children and six adults.