Tiffany Replaces $400 Million Revolving Credit Line With 2 New Pacts

Date : 12/23/2011 @ 2:25PM
Source : Dow Jones News
Stock : Tiffany & Co. (TIF)
Quote : 89.85  0.0 (0.00%) @ 4:00AM

Tiffany Replaces $400 Million Revolving Credit Line With 2 New Pacts

Tiffany (NYSE:TIF)
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Tiffany & Co. (TIF) obtained two new lines of credit to replace its existing $400 million revolving credit facility.

The luxury jewelry retailer signed a $200 million, three-year revolving bank credit agreement and a $200 million, five-year revolving bank credit agreement with Bank of New York Mellon Corp., the administrative agent; co-syndication agents ABN AMRO Bank N.V. and Standard Chartered Bank; and co-documentation agents J.P. Morgan Chase Bank N.A. and Mizuho Corporate Bank.

Participating lenders also include Bank of America Corp. (BAC), HSBC Bank USA NA, U.S. Bank National Association, and Wells Fargo Bank NA, the regulatory filing said.

Each credit facility may be increased up to $275 million.

Tiffany plans to use the new credit agreements for working capital and other corporate purposes.

The company has posted double-digit sales and profit growth of late as it expands into international markets and benefits from more discretionary spending by upper-end consumers.

Last month, it reported a 63% jump in fiscal third-quarter earnings as every geographic segment saw double-digit sales growth, including a 17% increase in the Americas, which accounted for the bulk of its 21% revenue growth.

-By Melodie Warner, Dow Jones Newswires; 212-416-2283; melodie.warner@dowjones.com

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