BOSTON, May 13, 2021 /PRNewswire/ -- Pathlight Capital LP and Saks.com LLC ("Saks" or the "Company") have completed a $115,000,000 Senior Secured Term Loan Facility for the company, of which Pathlight serves as the administrative agent.
A portion of the proceeds from the Term Loan, which was completed and funded on April 29, 2021, will be used to fund certain obligations to HBC in connection with the company's recent transaction, and the remaining amount will be available to Saks.
Vince Phelan, Chief Financial Officer of Saks said, "As we position Saks for accelerated growth, this facility will provide additional financial flexibility to help us build on the upward trajectory of our business. We are pleased to have worked with Pathlight to complete this transaction, as well as for recognizing our strength and potential to lead in luxury ecommerce."
Matt Williams, Managing Director of Pathlight Capital commented, "We believe Saks' innovative business model coupled with its strong brand equity makes the company uniquely positioned for significant growth. We are proud to support the company in its exciting new chapter as an established luxury ecommerce platform."
About Pathlight Capital
Pathlight Capital is a private credit investment manager dedicated to meeting the needs of companies that operate across a broad range of industries by providing asset-based loans secured on a first or second lien basis against tangible and intangible assets. Pathlight aims to provide creative financing solutions to allow management teams to access incremental liquidity for the purposes of funding working capital, debt refinancings, growth, acquisitions, dividends and turnaround strategies. For more information, please visit www.pathlightcapital.com.
Saks is the premier luxury ecommerce platform, driven by a mission to help customers express themselves through relevant and inspiring style. Through its website and app, Saks offers a highly personalized experience and an expertly curated assortment of fashion, as well as professional stylists and fresh editorial content. The company is redefining luxury shopping with a digital-first service model and a seamless connection to an extraordinary network of 40 Saks Fifth Avenue stores across North America. Follow @saks on Instagram, Facebook and Twitter, and @thesaksman on Instagram.
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SOURCE Pathlight Capital