Birks & Mayors announced amendments to its credit facilities that will let it borrow at better terms with lower interest.
Its $115 million senior secured revolving credit facility, which was set to expire on June 8, 2015, will now expire on Aug. 19, 2017. Its interest rate has been reduced by 25 basis points per annum.
In addition, the company’s $18 million senior secured term loan, also set to expire on June 8, 2015, has been increased to $28 million and will have a maturity date of Aug. 19, 2018. Its interest rate has been reduced from 9.5 percent per annum to a fixed rate of 8.77 percent.
“I am very pleased with our lenders’ support in amending the terms of our credit facilities at favorable terms and at lower interest rates,” said Mike Rabinovitch, executive vice president and chief financial officer of Birks & Mayors, in a statement. “The increase in availability under our amended credit facilities will provide us with the necessary financing to continue to grow our business and improve profitability.”