Friedman's closes on $150 million revolver

New York, Aug. 29 - Friedman's Inc. said it closed on a $150 million three-year revolving credit facility with Bank of America and CIT Group.

The new bank line replaces the Savannah, Ga. jewelry retailer's existing facility which expires on Sept. 15.

Freidman's also said its west coast affiliate Crescent Jewelers also replaced its expiring facility with a new three-year $50 million revolving credit facility led by Bank of America and CIT Group.

As part of the transactions Friedman's restructured its financial support of Crescent by terminating its guarantee of Crescent's previous $112.5 million credit facility and making a direct investment totaling $85.0 million made up of $50.0 million of a series A floating rate preferred stock and $35.0 million of a floating rate senior subordinated note.

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