Friedman's selects syndicate agents for new facility; Crescent Jewelers amends facility

By Sara Rosenberg

New York, July 12 - Friedman's Inc. said it selected agents to lead the syndication of its new refinancing credit facility, which is expected to be in place before Sept. 15, when its current facility expires. Furthermore, Crescent Jewelers, a Friedman's affiliate, has reached the same stage in its refinancing process and amended its current facility, extending the maturity date of its $112.5 million revolver to Aug. 28 from July 12.

Upon completion of the new credit facilities for both companies, Friedman's will terminate its guarantee of Crescent's loan and will instead make a direct investment in the company, a press release said.

Friedman's is a Savannah, Ga. retailer of fine jewelry. Crescent Jewelers is an Oakland, Calif. jewelry chain.

No further information was available.

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