Saks OFF 5TH closed on a syndicated, five-year $125 million asset-based revolving credit facility jointly arranged by Citibank and Citizens and a $20 million term loan arranged by Callodine Commercial Finance.
“SaksOFF5TH.com continues to experience outstanding growth, and we see great opportunity ahead as we work to enhance our digital capabilities and customer experience,” Luke Coffey, CFO at Saks OFF 5TH, said. “These transactions further solidify our strong liquidity position and support our investment plan, providing us with additional financial flexibility.”_x000D_
The asset-based revolving credit facility, which was undrawn at closing, will be utilized for general corporate purposes, ongoing working capital and capital expenditures to support Saks OFF 5TH’s online business. Saks OFF 5TH’s balance sheet will be bolstered by the term loan proceeds, which follows a recent capital raise valuing the Saks OFF 5TH e-commerce business at approximately $1 billion.
