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Charles & Colvard, Wells Fargo Close $10MM Secured Credit Facility

June 30, 2014, 07:51 AM
Filed Under: Jewelry

Charles & Colvard, Ltd., the exclusive global supplier of moissanite and Forever Brilliant, The World’s Most Brilliant Gem, has closed a new three-year $10 million asset-backed credit facility with Wells Fargo Bank. The company’s previous credit facility with PNC Bank was terminated concurrently with the closing on the new credit facility. The new credit facility provides Charles & Colvard working capital for general corporate purposes and to pursue continued growth opportunities.

“By securing this three-year credit facility from Wells Fargo, Charles & Colvard is better positioned to pursue growth initiatives,” said Randy N. McCullough, CEO of Charles & Colvard.

The new credit facility is secured by Charles & Colvard assets, subject to customary covenants. It carries an interest rate at Wells Fargo Bank’s three-month LIBOR rate plus 2.5 percent. The company currently does not have any other long-term debt and the new credit facility is undrawn.

Charles & Colvard, Ltd., is the global sole source of moissanite, a unique, near-colorless created gem that is distinct from other gems and jewels based on its exceptional fire, brilliance, luster, durability, and rarity. Charles & Colvard Created Moissanite® and Forever Brilliant® are currently incorporated into fine jewelry sold through domestic and international retailers and other sales channels.

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