Signet Jewelers arranges $400 million term loan, $400 million revolver

By Toni Weeks

San Luis Obispo, Calif., May 29 - Three Signet Jewelers Ltd. subsidiaries amended and restated their existing credit agreement on May 27 with JPMorgan Chase Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The amendment, which replaces the company's existing credit agreement dated May 4, 2011, provides for a $400 million five-year senior unsecured revolving credit facility and a $400 million five-year senior unsecured term loan, both due May 27, 2019.

Borrowings bear interest at Libor plus 125 basis points to 200 bps for the term loan and at Libor plus 100 bps to 175 bps for the revolver, with the margin determined by the company's fixed-charge coverage ratio. Commitment fees range from 20 bps to 35 bps, also based on the fixed-charge coverage ratio.

The agreement requires the company to maintain a leverage ratio equal to or less than 2.50:1.00 and a minimum fixed-charge coverage ratio of not less than 1.40:1.00, both determined as of the end of each fiscal quarter.

J.P. Morgan Securities LLC, Fifth Third Bank and PNC Capital Markets LLC are the joint bookrunners and joint lead arrangers. Fifth Third and PNC Bank, NA are syndication agents. HSBC Bank USA, NA and Citizens Bank, NA are co-documentation agents.

The specialty jewelry retailer is based in Hamilton, Bermuda.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.