Lifetime Brands closes on $165 million five-year credit facility

By Sara Rosenberg

New York, June 10 - Lifetime Brands Inc. completed a new $165 million credit facility, according to a news release.

The facility consists of a $125 million five-year asset-based revolver and a $40 million five-year second-lien term loan.

Pricing on the revolver can range from Libor plus 225 basis points to 275 bps based on availability, and pricing on the term loan is Libor plus 850 bps with a 1.5% Libor floor.

There is a $25 million accordion feature under the revolver.

JPMorgan acted as the lead arranger on the revolver and Citigroup acted as the lead on the second-lien term loan.

Proceeds are being used to repay the company's $74 million of 4.75% convertible senior notes due July 15, 2011 and refinance its $130 million credit facility that was to mature in January 2011. At March 31, the company had outstanding $20.1 million of borrowings and $1.2 million of open letters of credit under its previous facility.

Lifetime Brands is a Garden City, N.Y.-based designer, developer and marketer of kitchenware, tabletop and home décor products.

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