GE Capital, Corporate Retail Finance announced it was a co-lender for a $500 million asset-based credit facility to Saks, Inc., a department store retailer. The loan will be used for working capital needs and general corporate purposes. GE Capital Markets served as joint lead arranger.
Based in New York, NY, Saks, Inc. offers luxury goods including apparel, shoes, accessories and jewelry through its 53 Saks Fifth Avenue and OFF 5th store locations and online at saks.com.
“GE has participated in our revolving credit facility for a number of years and we appreciate their continued support,” said Kevin Wills, executive vice president and CFO of Saks, Inc.
“Clients value our ability to provide significant amounts of capital, especially as they continue to grow and evolve,” said Jim Hogan, managing director of GE Capital, Corporate Retail Finance. “Borrowers also benefit from a lender who truly understands their industry and the unique factors that impact their bottom line.”
GE Capital, Corporate Retail Finance is a leading provider of senior secured loans to retailers, primarily in the U.S., to support working capital, growth, acquisitions and more.
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