Finlay plans $550 million revolver for Bailey Banks & Biddle purchase

By Jennifer Chiou

New York, Sept. 27 - Finlay Enterprises, Inc. said it expects to finance the acquisition of Zale Corp.'s Bailey Banks & Biddle division using a new $550 million five-year revolving credit facility via GE Corporate Lending.

GE Capital Markets, Inc. will be the lead arranger for the financing.

The new revolver replaces the existing $300 million revolving credit facility.

Finlay will purchase the assets and business of the Bailey Banks & Biddle division, a chain of 70 stand-alone retail stores offering jewelry and watches under high-end name brands, for a purchase price of $200 million plus an inventory adjustment at closing as well as assumption of certain liabilities.

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

Lehman Brothers was Finlay's financial adviser for the transaction.

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