Saks announces amended/restated revolving credit facility

New York City Saks said Tuesday it has entered into an amended and restated revolving credit agreement, extending the maturity date to November 22, 2013.

The maximum committed borrowing capacity of the amended facility remains at $500 million.

Kevin Wills, executive VP and CFO, noted, “This year, we undertook a series of important actions that strengthened our capital structure and will provide considerable flexibility going forward. In addition to the extension and amendment of the revolving credit facility, we issued $120 million of convertible notes in May, and we completed a $100 million common stock offering last month. Proceeds of those transactions were used to reduce borrowings on our revolving credit facility.”

As of Oct. 31 (the end of the third fiscal quarter), Saks said it had no direct outstanding borrowings on the revolving credit facility.