Saks closes private note offering

New York City Saks said Wednesday it closed its private offering of $120 million of principal amount of convertible notes due in 2013.

The private offering of the 7.5% notes announced one week ago included the exercise in full of the initial purchasers' option to buy $15 million aggregate principal amount of additional notes to cover over-allotments.

Saks said it received net proceeds of about $115.4 million after deducting discounts and offering expenses.

The retailer said it would use the proceeds to pay down amounts outstanding under its revolving credit facility and for general corporate purposes.