Saks OFF 5TH Closes ABL and Term Loan Facilities to Further Enhance Liquidity
NEW YORK, August 9, 2021 / PRNewswire / – Saks OFF 5TH, the leading low-cost online luxury destination, closed on a $ 125 million five-year revolving asset-based credit facility organized jointly by Citibank and Citizens and a $ 20 million term loan arranged by Callodine Commercial Finance.
Luc Coffey, Chief Financial Officer of Saks OFF 5TH, commented, “SaksOFF5TH.com continues to experience exceptional growth and we see great opportunities ahead as we work to improve our digital capabilities and customer experience. These transactions further strengthen our strong liquidity position and support our investment plan, giving us additional financial flexibility.
The revolving asset-based credit facility, which is not used at closing, will be used for general business purposes, current working capital and capital expenditures to support online operations. Saks OFF 5TH’s strong balance sheet will be bolstered by the proceeds of the term loan, which follows a recent capital increase valuing Saks OFF 5TH’s e-commerce activity at approximately $ 1 billion.
About Saks OFF 5TH
Saks OFF 5TH is the # 1 low-cost online luxury destination. Through its website and app, Saks OFF 5TH offers a compelling assortment of brands to customers looking for fashion at the best prices. The company is reinventing the traditional off-price with a digitally native model focused on the customer experience.
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