Zale extends, expands credit facility

By Jennifer Chiou

New York, April 10 - Zale Corp. amended its $500 million secured revolving credit facility, adding an additional $100 million seasonal line as well as an accordion feature for up to another $100 million, according to a company news release.

The company also extended the maturity of the facility to August 2011 from August 2009.

Bank of America is the lead arranger, administrative agent and collateral agent, and JP Morgan Chase Bank and Congress Financial Corp. are co-syndication agents. In all, the syndicate is comprised of 15 participating banks.

"We value the solid, ongoing relationship we have with our bank group," chief financial officer Rodney Carter said in the release.

"The amended facility allows Zale an opportunity to capitalize on favorable market conditions and provides additional financial flexibility to support the company's initiatives for long-term growth."

Zale is an Irving, Texas-based specialty retailer of fine jewelry.

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