Tiffany draws $500 million under its revolving credit facility

By Sarah Lizee

Olympia, Wash., March 31 – Tiffany & Co. provided notice to its administrative agent to draw down $500 million under its revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.

Following the draw, a total of $516 million is outstanding under the facility as of March 30.

The credit facility matures in 2023, provided that the maturity may be extended for one or two additional one-year periods at any time with the consent of the applicable lenders.

The company said it increased its borrowings under the credit facility as a precautionary measure in order to increase its cash position and maintain financial flexibility in light of current uncertainty in the global markets resulting from the recent outbreak of a novel strain of the coronavirus.

The drawdown proceeds are being held on the company’s balance sheet and may be used for general corporate purposes.

The jewelry company is based in New York.

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