29th May 2014 11:23
LONDON (Alliance News) - Signet Jewelers Ltd Thursday said it had entered into a new revolving credit facility and term loan for USD800 million in total, refinancing its existing facilities.
In a statement, the company said its amended credit agreement provides for a USD400 million five-year senior unsecured revolving credit facility and a USD400 million five-year senior unsecured term loan, with a maturity date of May 27, 2019.
The new agreement requires that Signet maintain a leverage ratio no greater than 2:50 to 1.00 and a minimum fixed charge coverage ratio of no less than 1:40 to 1.00 at the end of the company's fiscal quarters.
The agreement is with "various financial institutions", Signet said without naming them. JPMorgan Chase Bank is administrative agent on the agreement.
Signet shares were down 0.1% at 6,272 pence in London Thursday.
By Steve McGrath; [email protected]; @SteveMcGrath1
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