Caught Old Nick, reportedly, displaying bladed weapons (4,5)

I believe the answer is:

cold steel

I'm a little stuck... Click here to teach me more about this clue!

'reportedly displaying bladed weapons' is the definition.
I can't judge whether this definition defines the answer.

'caught old nick' is the wordplay.
'caught' becomes 'c' (cricket abbreviation).
'nick' becomes 'steel' (I can't justify this - if you can you should believe this answer much more).
'c'+'old'+'steel'='COLD STEEL'

Can you help me to learn more?

(Other definitions for cold steel that I've seen before include "Cutting weapons" , "Swords, knives, etc" , "something offensively sharp" .)

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