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New York City -- Saks said Tuesday that lenders have agreed to amend a $500 million revolving credit agreement that now extends to 2016. The agreement also favorably revises other terms.
As a result, the department store retailer estimates its 2011 interest expenses will total about $50 million, down from its previous estimate of $51 million to $53 million.
The debt previously was scheduled to mature Nov. 23, 2013. Now, it matures March 29, 2016.
The maximum committed borrowing capacity remains $500 million. Saks said it currently has not borrowed directly against the facility.