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Saks.com has upsized its existing asset-based revolving credit facility arranged by Bank of America increasing borrowing capacity from $350 million to $450 million. Concurrently, Saks upsized its senior secured term loan facility, of which Pathlight Capital serves as the administrative agent, increasing borrowings from $115 million to $175 million.. ....
Saks Upsizes Existing Financing to Support Continued Growth streetinsider.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from streetinsider.com Daily Mail and Mail on Sunday newspapers.
Dive Brief: The newly spun-off Saks.com has closed on a $350 million asset-based credit facility arranged by Bank of America as well as a $115 million secured term loan arranged by Pathlight Capital. The facility is available to Saks to fund growth initiatives and corporate operations, according to a press release. An undisclosed portion of the term loan will be used to fund certain obligations to HBC, majority owner of the standalone online Saks business, that stemmed from its spin-off deal. Dive Insight: Saks is prepping for growth in its new life as an independent e-commerce business, separated at least on paper from its brick-and-mortar origins. ....
Pathlight Capital and Saks Announce $115M Senior Secured Term Loan Facility News provided by Share this article Share this article BOSTON, May 13, 2021 /PRNewswire/ Pathlight Capital LP and Saks.com LLC ( Saks or the Company ) have completed a $115,000,000 Senior Secured Term Loan Facility for the company, of which Pathlight serves as the administrative agent. A portion of the proceeds from the Term Loan, which was completed and funded on April 29, 2021, will be used to fund certain obligations to HBC in connection with the company s recent transaction, and the remaining amount will be available to Saks. Saks.com Vince Phelan, Chief Financial Officer of Saks said, As we position Saks for accelerated growth, this facility will provide additional financial flexibility to help us build on the upward trajectory of our business. We are pleased to have worked with Pathlight to complete this transaction, as well as for recognizing our strength and po ....