Saks Upsizes Existing Financing to Support Continued Growth
Saks.com LLC (Saks), the premier luxury ecommerce platform, announced that it has upsized its existing asset-based revolving credit facility arranged by Bank of America, N.A.
- Saks.com LLC (Saks), the premier luxury ecommerce platform, announced that it has upsized its existing asset-based revolving credit facility arranged by Bank of America, N.A.
- Concurrently, Saks upsized its senior secured term loan facility, of which Pathlight Capital LP serves as the administrative agent, increasing borrowings from $115 million to $175 million.
- Vince Phelan, Chief Financial Officer of Saks, said, The additional capital provided under these facilities significantly enhances our financial flexibility and ability to support future growth initiatives.
- We believe that securing this additional financing reflects confidence in our strong foundation and positive momentum as we position Saks to lead in luxury ecommerce.