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Saks Incorporated begins tender offers for $585.7mn of senior notes

20
Jul '05
Online retailer Saks Incorporated announced that it has accepted for payment all of the approximately $585.7 million in principal amount of its outstanding senior notes tendered pursuant to its previously announced tender offers and consent solicitations. The tender offers and consent solicitations expired as of midnight, New York City time, on July 18, 2005.

Click here to see the tender details:

Each holder tendering notes also consented to certain proposed amendments and a waiver relating to the indenture governing the holder's notes. Accordingly, the Company has entered into supplemental indentures with the indenture trustee for each issue.

The supplemental indentures, among other things, extend to October 31, 2005, for purposes of the indentures, the Company's deadlines to file its 2004 Annual Report on Form 10-K and its first fiscal quarter 2005 Quarterly Report on Form 10-Q.

The waiver waives all defaults relating to the failure of the Company to comply with the provisions of the indentures affected by the proposed amendments. The Company currently expects to file its 2004 Annual Report on Form 10-K and its first fiscal quarter 2005 Quarterly Report on Form 10-Q on or before September 1, 2005.

Citigroup Global Markets Inc, Goldman Sachs & Co, Banc of America Securities LLC and Wachovia Securities acted as the dealer managers for the tender offers and consent solicitations.

Saks offers the finest designer collections for men and women, as well as accessories, cosmetics and home furnishings, all supported by highly personalized customer relationships. With modern energy and great fashion authority, Saks Fifth Avenue pays tribute to — and continues to enhance — a rich legacy of exceptional style and service.

Saks Incorporated


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