Ultra Stores, Inc., which bills itself as “America’s leading off]priced retailer of fine jewelry,” said it has refinanced all of its funded debt.
Included in the agreements, signed Nov. 10, were amendments to the Chicago-based company’s senior secured revolving credit agreement with Bank of America, and its junior secured term loan with Crystal Capital Fund Management L.P., according to a statement by the company.
The amendments resolve technical covenant defaults that arose under the prior facilities as a result of the faltering economy, the company said in a statement. The amendments include covenants with cushion as well as features that afford the company and the lenders certain flexibility in these challenging economic times.
“We are glad to have renegotiated our borrowing arrangements to bring them more in line with our needs during this unprecedented and increasingly unpredictable economic climate,” said Daniel H. Marks, Ultra’s chief executive officer.
The company said it expects to have its audited financial statements for its 2008 fiscal year completed towards the end of November.
Ultra also opened its newest flagship store in the Miracle Mile Shops at the Planet Hollywood Casino on the Las Vegas strip on Oct. 11.
Michael A. O’Hara, Mark R. Lenz and Douglas C. Stebbins of Consensus Advisors advised Ultra in the refinancing.