US EditionSaks Completes $600M Financing Early, 98% of Debt Holders Sign on to Exchange
NEW YORK CITY, AUG 8 – Saks Global secured $300 million from a debt exchange with 98% bondholder approval to stabilize finances after acquiring Neiman Marcus amid challenging retail conditions.
- Saks Global Enterprises LLC completed a $600 million financing early, with 98% of debt holders signing on to exchange, on August 8, 2025.
- Following the acquisition, Saks took on $2.2 billion in debt from bondholders, spooking investors amid vendor complaints of late payments this year.
- Data from the Exchange Offer show about 98% of bondholders tendered their Old Notes, enabling Saks to capture a $115 million discount and issue $1,439.2 million of Second Out, $440.7 million of Third Out, and $462.5 million of SPV Notes.
- In turn, Standard & Poor's says it expects to lower Saks Global's rating to a default as the Fifth Avenue flagship is now debt-capped and collateralized.
- Settlement is expected, with CEO Marc Metrick stating the financing marks a new chapter for Saks Global's strategic growth.
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Leaning Left1Leaning Right3Center4Last UpdatedBias Distribution50% Center
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50% Center
13%
C 50%
R 38%
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