The Interfaith Center is involved in the business-standards review with Wells Fargo. The bank said in its 2018 proxy statement it has agreed to conduct the review and publish the results on its website by year’s end.
It’s unknown how Sturm Ruger will use the line of credit. During an earnings call in February, President Christopher John Killoy said the company was closely watching Remington Outdoor Co., a firearms and ammunition juggernaut that went through bankruptcy protection earlier this year.
The line of credit “gives them the flexibility to use the line or not use it so is perfect for having the ability to make future acquisitions,” said Rommel Dionisio, a gun-industry analyst with Aegis Capital Corp.
Laura Krausa, an investor in Sturm Ruger through the nonprofit Catholic Health Initiatives, said the company should use the debt to pay for research into smart guns.
“In being optimistic,” she said, “we would really hope that a line of credit this large would be put to good use in really answering that call to have the gun manufacturers be a part of the solution to the increasing problem of gun violence in America.”
This article was provided by Bloomberg News.