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BRIEF-Signet Jewelers completes and Genesis enter into five-year servicing agreement​
October 23, 2017 / 8:18 PM / a month ago

BRIEF-Signet Jewelers completes and Genesis enter into five-year servicing agreement​

Oct 23 (Reuters) - Signet Jewelers Ltd

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

* Signet Jewelers Ltd - ‍received $960 million of proceeds from sale of its prime-only accounts receivable to alliance data​

* Signet Jewelers Ltd - ‍implemented a lease-purchase program in partnership with progressive leasing across its u.s. stores​

* Signet Jewelers Ltd - ‍signet and Genesis have entered into a five-year servicing agreement​

* Signet Jewelers-‍genesis to give credit servicing functions for signet’s existing non-prime accounts receivable & future non-prime account originations​

* Signet Jewelers-‍as part of deal, nearly all existing signet team members supporting credit operations transferred to alliance data or genesis​

* Signet Jewelers Ltd sees ‍net impact from outsourcing credit portfolio​ of negative $0.16 on EPS for FY 2018

* Signet Jewelers-total transaction costs related to legal, advisory, implementation and retention expense were $36 million for the full year fiscal 2018 Source text for Eikon: Further company coverage:

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