Birks & Mayors Inc signs new secured credit facility
24 Jan '06
2 min read
Luxury goods retailer Birks & Mayors Inc has informed the signing of a senior secured credit facility.
The new credit facility replaces the previous two separate credit facilities maintained by Birks & Mayors Inc and its subsidiary Mayors Jewelers Inc, prior to their recent merger.
The new credit facility is syndicated with a total of four participating financial institutions and will be primarily used to finance inventory, capital expenditures, working capital and for other general corporate purposes.
Tom Andruskevich, President and Chief Executive Officer, said, "This new credit facility will offer Birks & Mayors greater borrowing capacity and availability, improved liquidity as well as reduced borrowing costs with a more flexible source of financing."
The credit facility establishes a US $135 million senior secured credit facility for Birks & Mayors Inc. Bank of America, NA, GMAC Commercial Finance LLC, LaSalle Retail Finance and Back Bay Capital Funding LLC. The credit facility expires on January 18, 2009.
Birks & Mayors Inc is a leading North American luxury retailer, designer, manufacturer and wholesaler of fine jewelry, timepieces, sterling silverware and gifts.
Birks & Mayors has 67 luxury jewelry stores, 39 stores operating under the Birks brand across Canada, and 28 stores operating under the Mayors brand in Florida and Atlanta, Georgia.
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