Lifetime Brands amends loan, increasing size, extending maturity

By Sara Rosenberg

New York, Nov. 2 - Lifetime Brands Inc. amended its senior secured credit facility, increasing the size to $150 million from $100 million and extending the maturity to April 2011, according to a company news release.

The amendment also provided the company with fewer and less restrictive covenants under the facility and more favorable pricing.

There is a $50 million accordion feature.

"Our amended credit facility reflects the increased size and strength of our company. The additional borrowing capacity, more favorable terms and increased financial flexibility will help us execute Lifetime's growth strategies and pursue new opportunities to drive shareholder value," said Jeffrey Siegel, chairman, president and chief executive officer, in the release.

Lifetime Brands is a Westbury, N.Y.-based designer, developer and marketer of branded consumer products used in the home.

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