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The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
Wells Fargo Canada Inks New Revolving Credit Facility With Birks Group
Thursday, October 26, 2017
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Lenders/Participants
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Wells Fargo Canada Corporation [Lender]
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Structure
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Senior Secured Revolver
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Amount
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$67.100
Million
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Borrower(s)
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Birks Group, Inc.
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Description
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A CAD$85 million (US$67.1 million) senior secured revolving credit facility. The new credit facility, which matures in October 2022, replaces the Company's USD$110 million revolver credit facility and its US$ 31.0 million term loan facility which have been repaid in full as a result of the Company’s divestiture of its subsidiary, Mayor’s Jewelers, Inc, on October 23, 2017. The new credit agreement also provides the Company with an option to increase the total commitments under the facility by up to CAD$13 million (US$10.3 million). As a result of this new credit facility, the Company will benefit from advantageous modifications to its covenants, which combined with the reduction in interest costs, will increase the Company’s borrowing capacity significantly. The additional borrowing capacity will allow the Company to continue to invest in its strategic growth initiatives. The new credit facility will be used to finance the Company’s working capital and normal capital expenditure requirements as well as to fund the next phase of the Company’s strategic plan initiatives which include investments in its Canadian flagship stores, the Company’s new store concept as well as omni-channel areas that include e-commerce and wholesale activities for the Birks brand fine jewelry collections.
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Industry
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Jewelry
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| Related Tags |
Canada
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ABL Advisor
Deal Tables
2025
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