Friedman's completes restructuring for $135 million credit facility

By Jeff Pines

Washington, Sept. 7 - Friedman's Inc. said it completed its restructuring of its senior secured credit facility and has the okay of its lenders and an informal vendor committee. The new $135 million facility replaces the Savannah, Ga.-based jewelry chain's existing credit facility.

The new facility includes a $67.5 million senior revolver and a $67.5 million junior term loan. The revolver matures Dec. 15, 2006, and the junior term loan matures Aug. 31, 2007.

Farallon Capital Management LLC, an affiliate of one of the lenders of the new facility, will get five-year warrants to buy up to 3 million Friedman's class A shares for $1.75 per share. If the junior term loan is still outstanding a year after the closing, it will get warrants to buy another million shares, the company said.

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