$33 million Second Lien Term Loan
Based in Montreal, Canada, Birks Group Inc. (NYSE MKT: BGI) designs, develops, manufactures, and retails fine jewelry, timepieces, sterling silver, and other gifts. The Company operates 51 luxury jewelry stores: 33 stores located in all major cities across Canada and 18 stores under the Mayors brand located in Florida and Georgia.
The Company was in process of executing a variety of operational restructuring initiatives designed to deliver an enhanced customer experience and improve financial performance. The Company wanted a new term lender who could provide a more flexible loan structure as well as a more competitive cost of capital.
Crystal refinanced the existing lender and funded a $33.0 million second lien term loan.