This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Birks & Mayors Announces Closing Of An Amendment And Extension Of Its Senior Secured Revolving Credit Facility

Birks & Mayors Inc. (the “Company” or “Birks & Mayors”) (AMEX:BMJ) today announced the closing of an amendment and extension of its senior secured revolving credit facility and its senior secured term loan. The Company’s $132 million senior secured revolving credit facility, which was set to expire on December 17, 2011, has been amended and extended to be in the amount of $115 million and will expire on June 8, 2015. In addition, the Company amended its $12.5 million senior secured term loan, which was also set to mature on December 17, 2011, to $18 million with a maturity date of June 8, 2015. The interest rate on the amended senior secured term loan was reduced from 16% per annum to a rate of 11% per annum (or one month LIBOR plus 8%, whichever is greater). These two credit facilities will primarily be used to finance working capital, capital expenditures, provide liquidity to fund the Company’s day-to-day operations and for other general corporate purposes.

“We are very pleased that our lenders continue to support the Company by allowing us to extend the terms of our borrowing arrangements under both senior secured credit facilities under favorable terms and at lower interest rates. As a result of our overachieving our goals to deleverage the Company over the last two fiscal years, we have been able to reduce the amount of our aggregate lines of credit. However, the new revolving credit facility contains an uncommitted accordion feature of $25 million, should the need arise for greater borrowing capacity. The renewal of our credit facilities for four years on more favorable terms will provide the Company with the necessary tools to continue to grow our business and improve the profitability of the Company,” said Tom Andruskevich, President and Chief Executive Officer.

Birks & Mayors is a leading operator of 61 luxury jewelry stores in the United States and Canada. The Company operates 32 stores under the Birks brand in most major markets in Canada and 26 stores under the Mayors brand in Florida and Georgia, two retail locations in Calgary and Vancouver under the Brinkhaus brand, and one retail location in Orlando under the Rolex brand. Birks was founded in 1879 and developed over the years into Canada’s premier retailer, designer and manufacturer of fine jewelry, timepieces, sterling and plated silverware and gifts. Mayors was founded in 1910 and has maintained the intimacy of a family-owned boutique while becoming renowned for its fine jewelry, timepieces, giftware and service. Additional information can be found on Birks & Mayors web site,

Information Concerning Forward-Looking Statements

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.70 -0.60%
FB $101.91 0.90%
GOOG $683.11 -0.15%
TSLA $150.47 4.73%
YHOO $26.76 -1.25%


Chart of I:DJI
DOW 15,660.18 -254.56 -1.60%
S&P 500 1,829.08 -22.78 -1.23%
NASDAQ 4,266.8370 -16.7550 -0.39%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs