Dallas -- Zale Corp. is extending the maturity of $120 million of its credit facility by more than two and a half years, the Associated Press reported.
The portion being extended includes a seasonal adjustment of $20 million. The debt was set to mature Aug. 11. Now, it matures on April 30, 2014.
Zale said Monday that commitments under the facility remain at $650 million, including a $108 million seasonal adjustment. All commitments mature on the new date in 2014.
Bank of America arranged the transaction and is serving as administrative agent. The bank is also part of the extension, raising its commitment by $20 million for a total of $145 million. General Electrical Capital Corp. is boosting its commitment by $40 million for a total of $165 million, and new participant Ally Bank is committing $60 million.