Bank of America is betting big on Remington Outdoor Company with a $43.2 million loan, designed to help revive the struggling gun manufacturer.
The banking giant made the announcement just weeks after claiming it would not finance “military-style” firearms for civilians, according to The New York Post.
The $43.2 million loan is a part of a larger $193 million lending package which will be funded by seven banks, according to court documents obtained by The New York Post.
Bank of America said it does not go on record with regard to its clients and refused to comment on the deal, according to The New York Post.
Wells Fargo and Regions Financial Corporation will each be providing $43.2 million, while Branch Banking and Trust Corporation, Synovus, Fifth Third Bank and Deutsche Bank are providing the remainder, The New York Post reported.
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