Claire’s Stores closed a $50 million Europe credit agreement with Botticelli as administrative agent, replacing the multicurrency agreement that closed on September 20, 2016 with HSBC as lender. That agreement terminated on January 5, 2017.

According to a related 8-K filing, Cortland Capital Markets served as collateral agent for the transaction. The lenders are certain funds and accounts managed by Angelo, Gordon & Co.

The Europe credit agreement provides for a $50 million aggregate principal amount secured term loan and will mature on January 31, 2019. Interest accrues at 15% per annum during the first year (with 3% pay-in-kind) and 12% per annum during the second year. All obligations under the Europe credit agreement have been guaranteed by certain of Claire’s Intermediate Gibraltar’s existing direct and indirect wholly-owned subsidiaries, and secured by liens on the assets of Claire’s Intermediate Gibraltar, the other borrower and the guarantors party thereto and by a pledge of the shares of Claire’s Intermediate Gibraltar, in each case, subject to certain exceptions and limitations.

Neither Claire’s Stores nor any of its U.S. subsidiaries will be party to, or guarantors of, the Europe credit agreement.

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