fashion-scoops
fashion-scoops

SEC Filing Reveals More About Saks, HBC Deal

Saks Inc. needs $3 billion to complete the acquisition by Hudson’s Bay and related transactions, as well as pay-related fees and expenses.

fashion-scoops/news

HIGHER PRICE: In the Saks Inc. regulatory filing with the Securities and Exchange Commission on Thursday, the company said the amount needed to complete the acquisition by Hudson’s Bay and related transactions, as well as pay-related fees and expenses, will be $3 billion. That’s $100 million more than first expected.

The regulatory filing said the completion of the deal is not subject to any financing condition. Funding of the transaction will be through some portion of a combination of equity investments totaling $1 billion, debt financing comprised of $2.3 billion of secured term debt and a $950 million senior secured asset-based revolving facility and available cash on hand.

Saks in the filing also disclosed that a shareholders meeting will be held Oct. 30 at 11 a.m. in New York at the University Club to vote on the transaction. The Saks board has already approved of the merger agreement. The filing said that the merger is expected to be completed in November.

RELATED STORY: HBC's Richard Baker Builds Team at Saks Fifth Avenue >>

load comments

ADD A COMMENT

Sign in using your Facebook or Twitter account, or simply type your comment below as a guest by entering your email and name. Your email address will not be shared. Please note that WWD reserves the right to remove profane, distasteful or otherwise inappropriate language.
News from WWD
Newsletters

Sign upSign up for WWD and FN newsletters to receive daily headlines, breaking news alerts and weekly industry wrap-ups.

LatestPublications
getIsArchiveOnly= hasAccess=false hasArchiveAccess=false