Birks & Mayors announced that it had extended a term
loan and credit facility.
The jeweler’s $132 million senior secured revolving credit
facility, which was set to expire on Dec. 17, has been amended to $115
million and will expire on June 8, 2015.
In addition, the company’s $12.5 million senior secured term
loan, which was also set to mature on Dec. 17, has been amended to $18
million, with a maturity date of June 8, 2015. The interest rate on the amended
senior secured term loan was reduced from 16 percent a year to a rate of
11 percent a year (or one month LIBOR plus 8 percent, whichever is greater).
The company said these two credit facilities will primarily
be used to finance working capital, capital expenditures, and day-to-day
operations.
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