Colt Defense and its subsidiary, Colt Finance, have initiated an exchange offer for their $250 million outstanding notes. The West Hartford-based gun maker had issued the 8.75% senior notes, due 2017, in November last year. Holders of the notes might exchange them for an equivalent principal amount of exchange notes and any of the notes, if not tendered, will remain outstanding and continue to accrue interest. Terms of the exchange notes are mostly similar to those of the original notes.

Click here for the release from Business Wire.