Lifetime Brands gets $50 million term loan, extends revolver to 2019

By Marisa Wong

Madison, Wis., Jan. 17 - Lifetime Brands, Inc. amended and restated its existing amended and restated credit agreement for a new $50 million term loan and to extend the maturity of its $175 million revolving credit facility to Jan. 11, 2019, according to an 8-K filing with the Securities and Exchange Commission.

Lifetime entered into the second amended and restated credit agreement on Jan. 13 with JPMorgan Chase Bank, NA as administrative agent and co-collateral agent and HSBC Bank USA, NA as syndication agent and co-collateral agent.

Borrowings under the revolver bear interest at adjusted Libor plus a margin of 175 basis points to 225 bps based upon availability. For the term loan, the applicable margin ranges from 400 bps to 450 bps and is based on the senior leverage ratio.

The company used proceeds of the new term loan and additional borrowings under its revolver to repay existing borrowings under its senior secured credit agreement with JPMorgan Chase Bank as administrative agent and collateral agent and to finance its acquisition of the entire share capital of Thomas Plant (Birmingham) Ltd.

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

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