Saks OFF 5TH Closes ABL and Term Loan Facilities to Further Enhance Liquidity
NEW YORK - August 9, 2021 - Saks OFF 5TH, the premier online luxury off-price destination, has closed on a syndicated $125 million asset-based five-year revolving credit facility jointly arranged by Citibank and Citizens and a $20 million term loan arranged by Callodine Commercial Finance.
Luke Coffey, Chief Financial Officer, Saks OFF 5TH, commented, “SaksOFF5TH.com continues to experience outstanding growth, and we see great opportunity ahead as we work to enhance our digital capabilities and customer experience. These transactions further solidify our strong liquidity position and support our investment plan, providing us with additional financial flexibility.”
The asset-based revolving credit facility, which is undrawn at closing, will be utilized for general corporate purposes, ongoing working capital and capital expenditures to support the online business. Saks OFF 5TH's strong balance sheet will be bolstered by the term loan proceeds, which follows a recent capital raise valuing the Saks OFF 5TH ecommerce business at approximately $1 billion.
About Saks OFF 5TH
Saks OFF 5TH is the premier online luxury off-price destination. Through its website and app, Saks OFF 5TH provides a compelling assortment of brands to fashion-seeking customers at the best prices. The company is reimagining traditional off-price with a digitally-native model focused on customer experience.
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