Birks Group Inc. announced that it has entered into an amended and restated senior secured revolving credit facility ("Amended Credit Facility") with Wells Fargo Capital Finance Corporation Canada ("Wells Fargo") and a senior secured term loan ("Amended Term Loan") with Crystal Financial LLC (dba SLR Credit Solutions) ("SLR"). The Amended Credit Facility and Amended Term Loan extend the maturity date of the Company's existing loans from October 2022 to December 2026. The Amended Credit Facility maintains an $85 million commitment subject to borrowing base availability based on specified advance rates, eligibility criteria and customary reserves. The Amended Credit Facility also includes a committed accordion of $5 million. The Amended Credit Facility provides for a number of modifications, including favorable reductions to seasonal excess availability blocks in effect from December 20th to January 31st of each year, as well as a LIBOR transition. The Amended Term Loan of $12.5 million is subordinated to the Amended Credit Facility and now bears interest at an annual rate of CDOR plus 7.75%, a reduction of 50 basis points. The Amended Term Loan also allows for periodic revisions of the annual interest rate to 7.00% or 6.75% depending on the Company complying with certain financial covenants. Furthermore, the Amended Term Loan includes an increase in advance rates on eligible inventory of 100 basis points from December 2021 to December 2022, 75 basis points from January 2023 to March 2023, 50 basis points from April 2023 to June 2023, and 25 basis points from July 2023 to September 2023, as well as favorable reductions to seasonal excess availability blocks in effect from December 20th to January 31st of each year.