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Saks taps private credit for liquidity enhancing deal away

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Saks taps private credit for liquidity enhancing deal away

Kartikeya Dar's avatar
  1. Kartikeya Dar
•2 min read

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Luxury department store chain Saks Global announced on 29 May that it has secured new money from Boston-headquartered direct lender SLR Credit Solutions in the form of a $350m FILO facility for existing borrower Saks Global Enterprises LLC and a $50m secured term loan for certain subsidiaries.

In the announcement, the Hudson’s Bay-affiliated company described this deal, which gives the company around $700m in pro forma liquidity, as “progress against its previously announced measures to strengthen its balance sheet and support its long-term growth.”

The company had indicated in April that it was seeking a FILO facility to supplement the roughly $400m of availability under its $1.8bn ABL facility in order to address liquidity concerns because of growing payables balances with vendors and potential tariff uncertainty.

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