Finlay amends loan, extending maturity, adding accordion, removing covenants

By Sara Rosenberg

New York, Jan. 4 - Finlay Fine Jewelry Corp. amended its credit facility, extending the maturity by three years to Jan. 15, 2011, providing for a $75 million accordion feature and eliminating all financial covenants except for the fixed-charge coverage ratio, according to an 8-K filed with the Securities and Exchange Commission Thursday.

In addition, the amendment eliminated the company's yearly outstanding balance reduction requirement and allows for acquisitions of a certain size without lender approval.

The amendment was completed on Dec. 27.

General Electric Capital Corp. is the administrative agent on the deal.

Finlay is a New York-based retailer of fine jewelry and operator of licensed fine jewelry departments in department stores.

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