Birks Group recently announced its senior credit facilities have been extended and favorably amended.
Its $110 million senior secured revolving credit facility, set to expire in August 2017, has been extended to November 2021, and its interest rate has been reduced by 75 basis points per year.
The Canadian jeweller has also amended the terms of its senior secured term loan to extend the maturity from August 2018 to May 2021 and to reduce the term loan amount from $33 million to $28 million. The company has also seen what it calls “advantageous modifications to its covenants.”
The amendments will allow the company to borrow up to $5 million more a year, which will allow Birks to further invest in its strategic and growth initiatives.
Author: Canadian Jeweller Magazine Staff
Canadian Jeweller Magazine Staff is the shared byline for reporting filed by the magazine's editorial desk. Founded in 1879, Canadian Jeweller is the longest running jewellery business publication in Canada, covering market reporting, retail strategy, watches, diamonds, coloured gemstones and the commerce of the Canadian jewellery trade. Work published under this byline is edited and verified by the Canadian Jeweller editorial team in Toronto.
