Finlay Enterprises, Inc. said Thursday it has completed an amendment to its revolving credit facility provided by GE Corporate Lending. The amendment expands total availability from $225 million to $300 million. GE Capital Markets, Inc. arranged the transaction. The new terms of the credit facility became effective June 20.
“We are pleased with the expansion of our credit facility and the continued confidence shown in Finlay Enterprises by our financial partners, said Arthur E. Reiner, chairman and chief executive officer of Finlay Enterprises, Inc. “The expanded facility provides us with additional financial flexibility and liquidity. We continue to effectively manage our balance sheet as we focus on expanding our business.”
During the fourth quarter of fiscal 2006, Finlay terminated and retired the obligation under its gold consignment agreement and converted its gold lease inventory to asset, which increased the company’s collateral base. Subsequently, it amended its credit agreement to give it the option to expand the size of the facility and extended the maturity date to January 2011.