Fine jewelry retailer Finlay Enterprises Inc. is receiving a $550 million credit facility from GE Commercial Finance Corporate Lending, which will be used for its previously announced acquisition of Bailey Banks & Biddle, a division of Zale Corp.

GE Commercial Finance said the loan replaces an existing financing structure it had with Finlay.

Finlay currently operates in about 700 department stores including Federated, Bon-Ton, Lord & Taylor and Belk. The company also operates stand-alone jewelry stores. Bailey Banks & Biddle operates 70 stand-alone jewelry stores.

"The financing allowed us to complete a transaction nearly tripling the number of stand-alone jewelry stores we operate and significantly expanding our presence in the luxury market," said Arthur E. Reiner, chairman and chief executive officer of Finlay Enterprises, in a statement.

Finlay reached an agreement to acquire Bailey Banks & Biddle for $200 million in September.

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