Saks to repay revolver borrowings with common stock proceeds

By Sara Rosenberg

New York, Sept. 29 - Saks Inc. plans to reduce debt under its revolving credit facility using proceeds from a $100 million common stock offering, according to a 424B5 filed with the Securities and Exchange Commission on Tuesday.

Remaining proceeds will be used for general corporate purposes.

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

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