Saks' HBC has increased its liquidity and extended its revolving credit facility.
On Wednesday, HBC said it extended the maturity date of its asset-based revolving credit facility to June 30, 2026, from October 2024. The credit limit for the facility is $1.1 billion. The ABL is used to finance working capital requirements and other general corporate purposes, the company indicated in its statement.
In addition, HBC announced the closing of a new term loan facility of up to $150 million secured by certain U.S. real estate assets, providing more liquidity for the company for general working capital purposes. HBC has been seeking to purchase the Neiman Marcus Group but a deal is unlikely any time soon given soft business conditions in the luxury market and financing challenges.
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