Reuters logo
BRIEF-Signet Jewelers announces first phase of strategic outsourcing of credit portfolio
May 25, 2017 / 11:13 AM / 5 months ago

BRIEF-Signet Jewelers announces first phase of strategic outsourcing of credit portfolio

May 25 (Reuters) - Signet Jewelers Ltd

* Signet Jewelers announces first phase of strategic outsourcing of credit portfolio

* Signet Jewelers Ltd - will sell $1.0 billion of its prime-only credit quality accounts receivable to Alliance Data Systems Corporation at par value

* Signet Jewelers Ltd - Signet will form a seven-year partnership with progressive leasing a subsidiary of Aaron‘s, Inc.

* Signet Jewelers Ltd - as part of second phase, Signet intends to fully outsource its secondary credit programs

* Signet Jewelers Ltd - company plans on engaging in discussions with capital providers to finalize fully-outsourced structure

* Signet Jewelers- Co, Genesis Financial Solutions entered into preliminary agreement where genesis will service Signet’s non-prime accounts receivable

* Signet Jewelers Ltd - first phase of outsourced partnership structure is designed to substantially maintain Signet’s net sales

* Signet Jewelers - transaction expected to be accretive to EPS in first full year of operations based on current stock prices and an october 2017 close

* Signet Jewelers Ltd - expects improved cash flow profile, capital efficiency with slight decline in operating income from sale of primary credit program

* Signet Jewelers Ltd - intends to use proceeds from sale of its prime receivables to alliance data to repay its $600 million securitization facility Source text for Eikon: Further company coverage:

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below