Saks gets $500 million amended and restated revolving credit facility

By Sara Rosenberg

New York, Nov. 24 - Saks Inc. closed on a $500 million amended and restated revolving credit facility due Nov. 22, 2013, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

Wells Fargo, UBS, Regions Business Capital and GE Capital acted as the joint lead arrangers and bookrunners on the deal that was completed on Nov. 23.

Pricing on the revolver can range from Libor plus 350 basis points to 400 bps and the unused fee can range from 50 bps to 100 bps, based on usage.

The facility is subject to no financial covenants unless the availability falls below $87.5 million. At that time, the company is subject to a fixed-charge coverage ratio of at least 1:1.

Proceeds can be used for working capital, the issuance of letters of credit, capital expenditures and other general corporate purposes.

Saks is a New York-based operator of fashion retail stores.

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