Saks Global Enterprises announced it has shared progress against its previously announced measures to strengthen its balance sheet and support its long-term growth.
The company has secured $350 million of financing commitments from SLR Credit Solutions consisting of a $300 million first-in, last-out (FILO) facility for the company and a $50 million secured term loan facility for certain subsidiaries of the company, providing additional liquidity to support the execution of the company’s business plan. And the FILO facility will be incurred as an incremental facility in connection with the company’s existing $1.8 billion asset-based lending (ABL) facility.
The company continues to see improvements in business performance, with inventory receipt flows improving from integration efforts significantly exceeding plan.
Advisors: BofA Securities served as financial advisor to Saks Global in connection with the FILO facility. And Willkie Farr & Gallagher served as legal counsel to Saks Global.
KEY QUOTE:
“As we have always planned, Saks Global is implementing measures to further bolster liquidity and fortify our balance sheet as we continue executing on our transformation strategy and investing in our business. With the financings announced today, the Company will have approximately $700 million in available liquidity on a pro forma basis. Along with synergy realization and business performance exceeding our plans, we are well positioned to continue delivering for all of our stakeholders, including our brand partners.”
Marc Metrick, CEO, Saks Global Operating Group
“We’re pleased to support Saks Global and its leadership team as they execute on their strategic plan. This financing reflects our confidence in the company’s platform and long-term growth trajectory.”
Michael Gross, CEO, SLR Capital Partners
