Saks to sell stock to pay debt

New York City Saks announced Tuesday plans to sell $100 million of its common stock.

Proceeds will be used to reduce debt and for general corporate purposes, the company said.

Underwriters will also be given a 30-day option to buy up to another $15 million of stock if demand exceeds initial supply.

Morgan Stanley & Co., Goldman Sachs & Co. and Wells Fargo Securities LLC are acting as bookrunners.

The company currently has about 144.5 million shares outstanding.