Saks upsizes financing to support growth

US luxury e-commerce platform Saks has upsized its existing asset-based revolving credit facility to support its growth.

The facility, arranged by Bank of America NA, has been increased from 350 million dollars to 450 million dollars.

Additionally, the retailer has upsized its senior secured term loan facility from 115 million dollars to 175 million dollars.

It said there has been no changes to the maturity date of either facility, which are both due in 2026.

Saks finance chief Vince Phelan said the additional capital “significantly enhances” the company’s “financial flexibility and ability to support future growth initiatives”.

“We believe that securing this additional financing reflects confidence in our strong foundation and positive momentum as we position Saks to lead in luxury e-commerce,” he said.