Irving-based Zale Corp. has announced that it has secured a new $665 million credit facility. The company used the increased availability from the new credit facility to prepay $60.5 million of senior secured term loan. Zale also extended its senior secured term loan with Golden Gate Capital for $80 million. The transactions, which cost about $13 million, decreased the company’s overall borrowing cost interest rate from 8 to 4 percent. It is expected to save the company $17 million in pretax income in the next year.

Print Friendly