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Hamilton, Bermuda - Signet Jewelers Ltd. has closed the offering of $400 million senior unsecured notes due 2024 by Signet U.K. Finance PLC (a wholly owned indirect subsidiary of Signet). The notes will bear interest at a rate of 4.7% per year and mature on June 15, 2024.
Interest on the notes will be payable semi-annually on June 15 and Dec. 15 of each year, commencing December 15, 2014. The sale of the notes closed May 19, 2014. Signet intends to use the net proceeds from the offering to pay a portion of the consideration for its proposed acquisition of Zale Corp.
J.P. Morgan Securities LLC, Fifth Third Securities, Inc. and PNC Capital Markets LLC acted as joint book-running managers for the offering.