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Zale Extends Maturity Date on Loans

New maturity date for $120 million is now April 2014.
Apr 27, 2011 11:18 AM   By Ricci Dipshan
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RAPAPORT... Zale is extending the maturity of  its $120 million, asset-backed credit facility by more than two and a half years, pushing the maturity from August  2011 to April 30, 2014. The portion of Zale’s debt being extended includes a seasonal adjustment of $20 million, while the retailer’s commitment under the facility remains at $650 million, including a $108 million seasonal adjustment.

Bank of America, which serves as the administrative agent, raised its commitment by $20 million, bringing its total loaned Zale to $145 million. General Electrical Capital Corp. is also boosting its credit commitment to Zale, raising it by $40 million for a total of $165 million, while new participant Ally Bank is committing $60 million.

''The extension to our bank facility announced today exemplifies the growing confidence of the financial markets in the progress we have made in our turnaround program," said Matt Appel,  Zale's chief financial officer. "We are particularly pleased that half of the new funding is from a financial institution not previously part of our bank facility.”
Tags: Ally Bank, Bank of America, Debt, General Electrical Capital, Ricci Dipshan, SEC, Zale
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