Signet in new 5-year $520M financing deal

By Associated Press
June 27, 2008 | Comments (0)

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British jewelry retailer Signet Group PLC said Friday it negotiated a five-year, $520 million unsecured multi-currency revolving credit agreement.

This deal replaces an existing $390 million credit line entered into in September 2004 which was due to expire next September. Signet plans to use the financing for general corporate purposes.

The company said the terms of the deal are the same as its previous agreement, except that loan margin prices were increased, reflecting current credit market conditions.

The replacement facility was led by Barclays Capital, Fifth Third Bank, HSBC and The Royal Bank of Scotland. Other participating banks are ABN Amro and National City Bank.

Signet operated 1,966 jewelry stores at May 3, including 1,407 stores in the U.S., where it operates as Kay Jewelers and Jared The Galleria Of Jewelry.

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