BLT » Topics » NOTE 13: RELATED PARTY TRANSACTIONS

These excerpts taken from the BLT 10-K filed Mar 13, 2008.

NOTE 15: RELATED PARTY TRANSACTIONS

Lehman Brothers and its affiliates maintained a controlling ownership interest in the Company until December 2004. Following a public offering of the Company's stock by the Company in August 2004, a secondary public offering of the Company's stock by Lehman Brothers in December 2004, and a secondary public offering of the Company's stock by Lehman Brothers in June 2005, Lehman Brothers and its affiliates owned approximately 19% of the Company's outstanding common stock as of December 31, 2007 and 2006.

In March 2005, $3.2 million was paid to Lehman Brothers for previously accrued advisory fees relating to the 2004 Refinancing Transactions. In May 2005, Lehman Brothers paid $0.3 million for previously accrued costs incurred by the Company in conjunction with the secondary public offering that occurred in December 2004. In June 2005, as part of a secondary stock offering, the Company incurred $0.1 million in expenses, which were reimbursed by Lehman Brothers in October 2005.

NOTE 15: RELATED PARTY TRANSACTIONS


Lehman Brothers and its affiliates maintained a controlling ownership interest in the Company until December 2004. Following a public offering of the Company's stock by the Company in August 2004, a secondary public offering of the Company's stock by Lehman Brothers in December 2004, and a secondary public offering of the Company's stock by Lehman Brothers in June 2005, Lehman Brothers and its affiliates owned approximately 19% of the Company's outstanding common stock as of December 31, 2007 and 2006.


In March 2005, $3.2 million was paid to Lehman Brothers for previously accrued advisory fees relating to the 2004 Refinancing Transactions. In May 2005, Lehman Brothers paid $0.3 million for previously accrued costs incurred by the Company in conjunction with the secondary public offering that occurred in December 2004. In June 2005, as part of a secondary stock offering, the Company incurred $0.1 million in expenses, which were reimbursed by Lehman Brothers in October 2005.


This excerpt taken from the BLT 10-K filed Mar 12, 2007.

NOTE 15: RELATED PARTY TRANSACTIONS

Lehman Brothers and its affiliates maintained a controlling ownership interest in the Company until December 2004. Following a public offering of the Company's stock by the Company in August 2004, a secondary public offering of the Company's stock by Lehman Brothers in December 2004, and a secondary public offering of the Company's stock by Lehman Brothers in June 2005, Lehman Brothers and its affiliates owned approximately 19% of the Company's outstanding common stock as of December 31, 2006 and 2005.

In March 2005, $3.2 million was paid to Lehman Brothers for previously accrued advisory fees relating to the 2004 Refinancing Transactions. In May 2005, Lehman Brothers paid $0.3 million for previously accrued costs incurred by the Company in conjunction with the secondary public offering that occurred in December 2004. In June 2005, as part of a secondary stock offering, the Company incurred $0.1 million in expenses, which were reimbursed by Lehman Brothers in October 2005.

This excerpt taken from the BLT 10-Q filed May 9, 2006.

NOTE 13:  RELATED PARTY TRANSACTIONS

 

In March 2005, $3.2 million was paid to an affiliate of Lehman Brothers Banking Partners II, L.P. (“Lehman Brothers”) for previously accrued advisory fees relating to refinancing transactions involving the sale of stock and the issuance and repayment of debt in 2004. Lehman Brothers owned approximately 33% of the Company’s common stock outstanding at the time of this transaction and owned approximately 19% of the Company’s common stock outstanding as of March 31, 2006.

 

This excerpt taken from the BLT 10-K filed Mar 10, 2006.

NOTE 13: RELATED PARTY TRANSACTIONS

In March 2005, $3.2 million was paid to Lehman Brothers for previously accrued advisory fees relating to the 2004 Refinancing Transactions. In May 2005, Lehman Brothers paid $0.3 million for previously accrued costs incurred by the Company in conjunction with the secondary public offering that occurred in December 2004. In June 2005, as part of a secondary stock offering, the Company incurred $0.1 million in expenses which were reimbursed by Lehman Brothers in October 2005. In June 2005, Lehman Brothers paid the Company $10 thousand to exercise 1,000,000 previously issued warrants and received 1,000,000 shares of the Company's common stock.

This excerpt taken from the BLT 10-Q filed Nov 4, 2005.

NOTE 15:  RELATED PARTY TRANSACTIONS

 

In March 2005, $3.2 million was paid to Lehman Brothers for previously accrued advisory fees relating to the 2004 Refinancing Transactions.  In May 2005, Lehman Brothers paid $0.3 million for previously accrued costs incurred by the Company in conjunction with the secondary public offering that occurred in December 2004.  In June 2005, as part of a secondary stock offering, the Company incurred $0.1 million in expenses that will be reimbursed by Lehman Brothers.  In June 2005, Lehman Brothers paid the Company $10 thousand to exercise 1,000,000 previously issued warrants and received 1,000,000 shares of our common stock.

 

This excerpt taken from the BLT 10-Q filed Aug 4, 2005.

NOTE 15:  RELATED PARTY TRANSACTIONS

 

In March 2005, $3.2 million was paid to Lehman Brothers for advisory fees relating to the 2004 Refinancing Transactions.  In May 2005, Lehman Brothers paid $0.3 million for costs incurred by the Company in conjunction with the secondary public offering that occurred in December 2004.  In June 2005, as part of a secondary stock offering, the Company incurred $0.1 million in expenses that will be reimbursed by Lehman Brothers.  In June 2005, Lehman Brothers paid the Company $10 thousand to exercise 1,000,000 previously issued warrants and received 1,000,000 shares of our common stock.

 

This excerpt taken from the BLT 10-Q filed May 10, 2005.

NOTE 14:  RELATED PARTY TRANSACTIONS

 

In March 2005, $3.2 million was paid to Lehman Brothers for advisory fees relating to the 2004 Refinancing Transactions.  Also in March 2005, Lehman Brothers was billed $0.3 million for costs incurred by the Company in conjunction with the secondary public offering that occurred in December 2004.

 

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Related Party Transactions

As of December 31, 2003 Lehman Brothers Merchant Banking Partners II L.P. and its affiliates (“Lehman Brothers”) owned 26.3 million shares, or approximately 85%, of our outstanding common stock. In addition Lehman Brothers held 1.0 million warrants, plus a 12% Convertible Preferred Equivalent Security with a principal amount of $20 million and interest payable in payments-in-kind (“PIKs”). Messrs. James and Shutzer, each being one of our directors, are investors in the Lehman Brothers Merchant Banking Fund. Mr. Shutzer, who is no longer a director since his resignation on December 9, 2004 for personal reasons, was a consultant to, and Mr. James is a Managing Director of, Lehman Brothers.

Since the August 1999 Merger and Recapitalization, Lehman Brothers has performed various advisory and financial services for us. Through the end of 2003, Lehman Brothers has charged us fees totaling $9.3 million ($5.0 million in underwriting fees relating to the sale of Alliant Techsystems, Inc. (“ATK”) stock received in the sale of our sporting equipment group segment (“SEG”), $2.6 million in advisory fees relating to the sale of SEG to ATK, and $0.7 million in commitment fees paid through the administrative agent relating to the refinancing of our credit facility in 2003).

In 2004 additional amounts were paid to Lehman Brothers and certain affiliates. In the early part of 2004 payment of $1.0 million was made relating to the refinancing of our credit facility in 2003. In August, 2004 we executed a series of refinancing transactions that included the payment to Lehman Brothers of $2.9 million in underwriting fees for the issuance of our 8 7/8% Senior Subordinated Notes, $3.3 million in underwriting fees for the issuance of 13.8 million shares of our common stock, and $30.1 million as repayment of our 12% Convertible Preferred Equivalent Security (composed of $20.0 million principal, the prepayment premium of $0.5 million, or 2.4% of the principal amount, plus $9.6 million accrued and unpaid PIK interest). These payments were made using a portion of the net proceeds from the refinancing transactions. Additionally, $3.2 million in advisory fees was accrued for the 2004 refinancing activities.

In December, 2004 Lehman Brothers sold approximately 11.3 million shares through a secondary public offering, reducing their common stock ownership to 15.0 million shares, or approximately 33%, plus the 1.0 million warrants. One of the two new directors that the Company elected in January 2005, Mr. Collins, is a principal of Lehman Brothers Merchant Banking Fund.

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