BRIEF-Signet Jewelers announces first phase of strategic outsourcing of credit portfolio

May 25 (Reuters) - Signet Jewelers Ltd

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

* Signet Jewelers Ltd - will sell $1.0 billion of its prime-only credit quality accounts receivable to Alliance Data Systems Corporation at par value

* Signet Jewelers Ltd - Signet will form a seven-year partnership with progressive leasing a subsidiary of Aaron’s, Inc.

* Signet Jewelers Ltd - as part of second phase, Signet intends to fully outsource its secondary credit programs

* Signet Jewelers Ltd - company plans on engaging in discussions with capital providers to finalize fully-outsourced structure

* Signet Jewelers- Co, Genesis Financial Solutions entered into preliminary agreement where genesis will service Signet’s non-prime accounts receivable

* Signet Jewelers Ltd - first phase of outsourced partnership structure is designed to substantially maintain Signet’s net sales

* Signet Jewelers - transaction expected to be accretive to EPS in first full year of operations based on current stock prices and an october 2017 close

* Signet Jewelers Ltd - expects improved cash flow profile, capital efficiency with slight decline in operating income from sale of primary credit program

* Signet Jewelers Ltd - intends to use proceeds from sale of its prime receivables to alliance data to repay its $600 million securitization facility Source text for Eikon: Further company coverage: