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

DOW JONES NEWSWIRES 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

Stock News for Tiffany (TIF)
DateTimeHeadline
04/14/201507:51:05Signs of strength in Europe luxury
04/13/201506:01:26Notice of Effectiveness (effect)
04/10/201516:17:36Current Report Filing (8-k)
04/10/201516:12:00Tiffany & Co. Initiates Exchange Offer
04/10/201516:07:07Prospectus Filed Pursuant to Rule 424(b)(3) (424b3)
04/10/201511:55:39Retail watch: Sales per shopper higher as traffic drops
04/10/201509:49:21Initial Statement of Beneficial Ownership (3)
04/10/201509:30:02Tiffany's CEO Was Paid $8.1 Million in 2014
04/10/201508:09:26Additional Proxy Soliciting Materials (definitive) (defa14a)
04/10/201508:01:08Proxy Statement (definitive) (def 14a)
04/08/201508:37:00Tiffany & Co. and Whitney Museum Forge a Long-Term Partnership...
04/06/201507:56:47Second half recovery seen for Tiffany
04/03/201513:56:33Statement of Changes in Beneficial Ownership (4)
04/03/201501:48:15Macau: Six Times Bigger Than Vegas, With Six Times The Opportunity
04/02/201508:27:37Tiffany launches new watch line
04/02/201502:40:47First Quarter Large Cap Winners And Losers
04/02/201500:57:51Hong Kong February Retail Sale: All The People, But No Dough
04/01/201512:07:33Statement of Changes in Beneficial Ownership (4)
04/01/201503:11:37Tiffany & Company Is A Quality Business At A Premium Price
03/27/201512:51:38Statement of Changes in Beneficial Ownership (4)

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