Mayor's Jewelers obtains $67.5 million in new credit facilities

By Sara Rosenberg

New York, May 30 - Mayor's Jewelers Inc. has received $67.5 million in new bank financing, consisting of a $55 million three-year revolver and a $12.5 million three-year junior secured term loan, according to a press release. Fleet Retail Finance provided the revolver and Back Bay Capital provided the term loan.

Interest rates on the credit facilities are not currently being disclosed, according to a company spokesman.

Proceeds from the Sunrise, Fla. jeweler's new facilities are being used to refinance the existing senior credit facility and for general working capital needs, according to the release.

"The approximate $7 million of additional liquidity provided by Back Bay Capital and Fleet Retail Finance will assist us a great deal in our operational restructuring efforts. Also, we continue to work on the previously announced equity investment transaction with Montreal based Henry Birks & Sons," said David Boudreau, chief financial officer, in the news release.

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