Daily News: October 4, 2013

Bloomberg: Hudson’s Ups Loan, Rate for Saks Acquisition

Bloomberg reported that Hudson’s Bay Co. increased its interest rate and loan size to support its acquisition of Saks, citing a person with knowledge of the transaction.

The article said that the initial $1.9 billion facility will be increased to a seven-year, $2 billion term loan, which may now have an interest rate at 3.75 percentage points to 4 percentage points more than the LIBOR rate. Bloomberg noted that HBC added a $300 million second lien term that expires in 2021 and replaces a senior unsecured bond the company had considered in the offering.

To read the entire Bloomberg story, click here.

Previously on abfjournal: Hudson’s Secures $1.9B in Commitments from BofA, RBC, July 31, 2013