The retailer, whose chains include H Samuel in the UK and Jared in the US, said the new arrangments provide greater “financial flexibility” in the medium term “while more appropriately structuring the borrowing facilities required by the significantly lower levels of debt now expected”.
Signet said that it was seeking new terms to borrowing terms in November last year in response to a "significant deterioration in the economic environment".
Changes in todays deal include a reduction in the retailer's revolving credit facility from $520m to $370m, at an increased margin above LIBOR, an amendment to the convenant on fixed charge cover and restrictions on factors such as cash distributions to shareholders.
Investec analyst David Jeary said the renegotiated terms would effectively add $3m - $5m to the retailer’s interest charge for 2009/10.
Signet finance director Walker Boyd said: "The amended borroing agreements give Signet greater long-term security in its financiing and the reduction in facility size more closely matches the future financing requirements of the group.”
Signet said that it would be in compliance with the terms of its original agreement when it posts full-year figures next week.