Tiffany gets loan waiver in connection with Swatch arbitration

By Jennifer Chiou

New York, Jan. 13 - Tiffany & Co. entered into on Jan. 8 an amendment and waiver to its three-year and five-year credit agreements with the Bank of New York Mellon as administrative agent, according to an 8-K filed with the Securities and Exchange Commission.

The waiver is for the default that arose due to the issue of the arbitration award in the confidential case between Swatch Group Ltd. and Tiffany Watch Co. Ltd., as claimants, and Tiffany and Co. and Tiffany (NJ) Inc., as respondents.

The amendments changed the event of default provision in the credit agreement to extend the time during which a judgment or decree may be paid, stayed on appeal, discharged, bonded or dismissed before an event of default would occur.

Tiffany operates jewelry stores and is based in New York.

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