Pathlight Capital provided a $150 senior secured term loan facility for HBC, a holding company of portfolio businesses operating at the intersection of retail and real estate, including HBC Properties and Investments, Saks Fifth Avenue, Hudson’s Bay and Saks OFF 5TH.
The term loan will provide additional support for growth initiatives and general working capital purposes.
“Throughout the pandemic, we have taken steps to carefully manage our cash flow and expenditures to sustain and help ensure that our businesses can thrive beyond the crisis. The capital generated by this facility, along with our current liquidity, provides even greater financial flexibility. Further, this transaction underscores the value of our real estate assets and the significant potential that lies within each of our portfolio companies. We’re pleased to have worked with Pathlight to complete this facility,” Michael Culhane, CFO of HBC, said.
“I have followed HBC and its iconic retail businesses for my entire career, so it is both exciting and gratifying for Pathlight to partner with the management team to structure a facility that can provide additional liquidity for the company. We are proud to help bolster the management team’s continued efforts to best position HBC for the future,” Mark Twomey, managing director at Pathlight Capital, said.
