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

Harry Winston Diamond Corporation Announces US$260 Million Luxury Brand Credit Facility

TORONTO, Aug. 30, 2012 /PRNewswire/ - Harry Winston Diamond Corporation (TSX: HW, NYSE: HWD) (the "Company"), is pleased to announce that the Company's luxury brand subsidiary, Harry Winston Inc., has completed the refinancing of its senior secured revolving credit facility by entering into a new secured five year credit agreement for US$260.0 million with a consortium of banks led by Standard Chartered Bank.  The new facility has a maturity date of August 30, 2017.  There are no scheduled repayments required prior to maturity.  The new facility refinances and replaces the luxury brand's previous US$250.0 million credit facility, which had been scheduled to expire on March 31, 2013.  As with the previous agreement, Harry Winston Diamond Corporation has provided a US$20.0 million limited guarantee in respect of the new facility.  The facility is available to the luxury brand segment for general corporate purposes.

The amount available under the luxury brand segment's facility is subject to a borrowing base formula based on certain assets of the luxury brand segment.  The credit agreement contains affirmative and negative non-financial and financial covenants, which apply to the luxury brand segment. Loans under the credit facility can be either fixed rate loans or revolving line of credit loans.  The fixed rate loans bear interest within a range of 2.50% to 3.25% above LIBOR based upon a pricing grid determined by the fixed charge coverage ratio.  The revolving line of credit loans bear interest within a range of 1.50% and 2.25% above the bank's prime rate based upon a pricing grid determined by the fixed charge coverage ratio.

About Harry Winston Diamond Corporation Harry Winston Diamond Corporation is a diamond enterprise with premium assets in the mining and retail segments of the diamond industry. Harry Winston supplies rough diamonds to the global market from its 40 percent ownership interest in the Diavik Diamond Mine.  The Company's luxury brand segment is a premier diamond jeweler and luxury timepiece retailer with salons in key locations, including New York, Paris, London, Beijing, Shanghai, Hong Kong, Singapore, Tokyo and Beverly Hills.

The Company focuses on the two most profitable segments of the diamond industry, mining and retail, in which its expertise creates shareholder value. This unique business model provides key competitive advantages; rough diamond sales and polished diamond purchases provide market intelligence that enhances the Company's overall performance.

SOURCE Harry Winston Diamond Corporation

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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 $93.36 -1.60%
FB $116.86 0.11%
GOOG $694.13 0.45%
TSLA $246.45 -0.51%
YHOO $36.38 -0.57%


Chart of I:DJI
DOW 17,722.21 -108.55 -0.61%
S&P 500 2,061.89 -13.92 -0.67%
NASDAQ 4,772.9380 -32.3530 -0.67%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs