NORWALK, Conn. - (Business Wire) GE Capital, Corporate Retail Finance today 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. (NYSE: SKS) 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.”
About GE Capital, Corporate Retail Finance
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. Visit gelending.com/clnews.
GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visit gecapital.com or follow company news via Twitter (@GECapitalNews). GE (NYSE: GE) is Imagination at Work - a diversified technology, media and financial services company focused on solving some of the world's toughest problems. Visit ge.com
GE Capital, Corporate Retail Finance
Jeff Wilson, 203-749-6340
jeffrey.wilson@ge.com
or
GE Capital, Norwalk
Ned Reynolds, 203-229-5717
ned.reynolds@ge.com
