Signet Group plc, the world’s largest specialty retail jeweler, on Friday said it has entered into a $520 million unsecured multi-currency five year revolving credit facility agreement.
The new credit plan replaces an existing $390 million facility entered into in September 2004 which was due to expire in September 2009 and will be used for general corporate purposes, the U.K.-based company said. The terms of the new agreement are the same in all aspects, other than an increase in loan margin pricing reflecting the current credit market conditions. The replacement facility was led by Barclays Capital, Fifth Third Bank, HSBC ,and The Royal Bank of Scotland. The other participating banks are ABN Amro and National City Bank.
“In the current difficult credit market conditions, this successful financing reflects our banks’ valued support for Signet,” said Walker Boyd, Group finance director. “The enlarged facility will provide the Group with additional flexibility in funding the growth of the business over the medium term.”
Signet operates approximately 1,966 stores, including included 1,407 stores in the U.S., where the Group trades as “Kay Jewelers,” “Jared The Galleria Of Jewelry,” and under a number of regional names. The company also operates 559 stores in the U.K., where the Group trades as “H.Samuel,” “Ernest Jones,” and “Leslie Davis.”