Daily News: March 28, 2013

WFCF Agents $600MM Facility for Saks


Wells Fargo Capital Finance acted as administrative agent and left lead arranger on an amended and extended $600 million senior secured credit facility for Saks Incorporated that will be used for working capital and general corporate purposes.

New York, NY-based Saks Incorporated currently operates 43 Saks Fifth Avenue luxury department stores, 65 Saks Fifth Avenue OFF 5TH outlet stores and saks.com.

“We are proud to be able to continue our partnership with Saks Incorporated,” said Keith Vercauteren, senior managing director and division manager of the Retail Finance division at Wells Fargo Capital Finance. “The senior management team’s passion and commitment to their business translated into a seamless execution. We look forward to supporting this market-leading retailer on the many opportunities that lie ahead.”

“The Retail Finance team at Wells Fargo Capital Finance has once again proactively worked with Saks Incorporated to gain an understanding of and appreciation for our business,” said Kevin Wills, executive vice president and CFO of Saks Incorporated. “They continue to provide the insight and innovative ideas that allow us flexible finance solutions to take advantage of future initiatives.”

Wells Fargo Capital Finance is the trade name for certain asset-based lending, accounts receivable and purchase order finance services of Wells Fargo & Company and its subsidiaries.