Saks Global secures 350 million dollars in financing commitments

Saks Global, the newly formed retail group comprising Saks and Neiman Marcus, has announced that it has secured 350 million dollars of financing commitments from SLR Credit Solutions. This reflects progress against its previously announced measures to strengthen its balance sheet, the company said in a release.

Anticipated the close on or before June 30, the commitments, subject to customary conditions, consist of a 300 million dollar first-in, last-out (FILO) facility for the company and a 50 million dollar secured term loan facility for certain subsidiaries, “providing additional liquidity to support the execution of the company’s business plan”.

The FILO is to be incurred as an incremental facility associated with Saks Global’s existing 1.8 billion dollar asset-based lending facility. The financings will provide the company with around 700 million dollars in available liquidity on a pro forma basis, Saks Global Operating Group CEO, Marc Metrick, said.

In his statement, Metrick noted that the company has “always planned” to implement measures to bolster liquidity as it continues to execute its transformation strategy. He continued: “Along with synergy realisation and business performance exceeding our plans, we are well positioned to continue delivering for all of our stakeholders, including our brand partners.”

Saks Global is a newly formed entity that was made upon Saks’ acquisition department store giant Neiman Marcus Group, which it snapped up in December 2024 for 2.7 billion dollars. Its portfolio consists of Neiman Marcus, Bergdorf Goodman, Saks Fifth Avenue and Saks Off 5th, creating what the company’s executive chairman, Richard Baker, said was “an unparalleled multi-brand luxury portfolio with tremendous growth potential”.