Saks buys back $23 million of 7½% notes due 2010 in second quarter

By Angela McDaniels

Tacoma, Wash., Aug. 18 - Saks Inc. said it repurchased $23.0 million of its 7½% senior notes due December 2010 at a slight discount, realizing an $800,000 pre-tax gain on extinguishment of debt.

The notes were repurchased during the fiscal second quarter ended Aug. 1, according to the company's earnings release for the quarter.

Saks' remaining senior notes total $169.3 million and mature as follows: $22.9 million in December 2010, $141.6 million in October 2011, $2.9 million in December 2013 and $1.9 million in February 2019.

The company ended the quarter with about $12.5 million of cash on hand and $85.0 million of direct outstanding borrowings on its revolving credit facility.

Saks is a New York-based retailer.

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