Mayor's Jewelers amends loan, extends revolver maturity, changes interest rates

By Sara Rosenberg

New York, Sept. 13 - Mayor's Jewelers Inc. amended its credit facility, extending the maturity of its revolver to Aug. 20, 2006, reducing the interest rate on its term loan B by 125 basis points and reducing interest on the Bank of America-GMAC portion of the revolver to Libor plus 100 basis points.

The amendments also eliminated a financial covenant and increased capital expenditures allowed under to the sole remaining financial covenant, according to an 8-K filed with the Securities and Exchange Commission Monday.

Fleet Retail Group Inc., GMAC Commercial Finance LLC and Back Bay Capital Funding LLC are the lead banks on the credit facility.

The amendment became effective on Sept. 7.

Mayor's Jewelers is a Sunrise, Fla., upscale jewelry store operator.

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