Saks OFF 5TH secures $125 million asset-based revolver, $20 million term loan

By William Gullotti

Buffalo, N.Y., Aug. 9 – Saks OFF 5TH closed a syndicated $125 million asset-based five-year revolving credit facility and a $20 million term loan, according to a press release Monday.

The revolver, undrawn at closing, was jointly arranged by Citibank and Citizens.

The term loan was arranged by Callodine Commercial Finance.

According to the release, proceeds will be utilized for general corporate purposes, ongoing working capital and capital expenditures.

Formerly Saks Fifth Avenue Off 5th, the company is a subsidiary of Saks Fifth Avenue.

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