Birks & Mayors amends revolver, gets new C$13 million term loan

By Sara Rosenberg

New York, Dec. 18 - Birks & Mayors Inc. amended its senior secured revolving credit facility, lowering the size and extending the maturity, and closed on a new C$13 million secured term loan, according to a news release.

The revolver size was reduced to C$135 million from C$160 million and the maturity was pushed out to Dec. 16, 2011 from Jan. 19, 2009.

The new term loan due Dec. 16, 2011 is subordinate to the revolver.

Proceeds from the revolver and the term loan will primarily be used to finance inventory, capital expenditures, working capital and provide liquidity for other general corporate purposes.

Birks & Mayors is a Montreal-based operator of luxury jewelry stores.

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