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Signet Jewelers draws $900 million under ABL revolver
By Sara Rosenberg
New York, March 23 – Signet Jewelers Ltd. borrowed $900 million under its ABL revolving credit facility on March 19, according to an 8-K filed with the Securities and Exchange Commission on Monday.
At the time of draw, the company had more than $1.2 billion in cash and an additional $292 million available under the ABL revolver.
The company drew on the ABL revolver as a prudent measure in order to increase its cash position and preserve financial flexibility in light of current uncertainty in the global markets resulting from the Covid-19 outbreak.
Signet Jewelers is a Hamilton, Bermuda-based retailer of diamond jewelry.
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