Birks & Mayors announced the closing of an amendment and extension of its senior secured revolving credit facility and its senior secured term loan. Pathlight Capital, a portfolio company of Sycamore Partners, served as the administrative and co-collateral agent on the $28 million secured term loan facility. The Junior Capital Division of Wells Fargo Capital Finance also served as co-collateral agent on the term loan.
The $28 million term loan, which matures August 2018, amends the company’s $18 million term loan and provides additional liquidity.
Additionally, the company’s $115 million senior secured revolving credit facility, which was set to expire on June 8, 2015, has been amended, extending the term of the facility to mature on August 19, 2017 and reducing the interest rate charged on the facility by 25 basis points per annum.
The additional proceeds received under the amended senior secured term loan will be used to reduce the amount outstanding under the senior secured revolving credit facility, which will allow for the company to continue investing in its growth initiatives.
“I am very pleased with our lenders support in amending the terms of our credit facilities at favorable terms and at lower interest rates. The increase in availability under our amended credit facilities will provide us with the necessary financing to continue to grow our business and improve profitability,” said Mike Rabinovitch, executive vice president and chief financial officer of Birks & Mayors.
Birks & Mayors is an operator of luxury jewelry stores in the U.S. and Canada.