Daily News: January 7, 2014

GB Credit Partners Provides Term Loan to Samuels Jewelers

GB Credit Partners, the investment management affiliate of Gordon Brothers Group, announced that provided a $10 million term loan behind a senior credit facility to Samuels Jewelers. The financing provided by GB Credit Partners is supported by a second lien position on Samuels’ inventory and receivables.

The proceeds of the loan will be used primarily for working capital to support the company’s 106 locations.

“Utilizing our significant expertise in the jewelry sector, we are pleased that we were able to provide Samuels with additional capital beyond what the senior lender could provide,” said Lawrence Klaff, managing director, GB Credit Partners.

Robert Herman, CFO, Samuels Jewelers said, “The ability for GB Credit Partners to quickly facilitate the closing of this transaction not only enhanced our liquidity position, but also enabled us to focus on our continued growth strategy.”

Austin, TX-based Samuels Jewelers is a national retailer of fine jewelry.