Saks Global Secures $600 Million in Committed Financing from Existing Bondholders

Company Secures $400 Million FILO Facility and $200 Million in Additional Incremental Commitments

Transaction Significantly Bolsters Liquidity and Fortifies Balance Sheet as Company Continues to Advance Transformation Strategy

NEW YORK, June 27, 2025 /PRNewswire/ -- Saks Global Enterprises LLC (the "Company") today announced that it has secured $600 million in financing commitments from a majority of its existing bondholders. The transaction includes a $400 million First-In, Last-Out (FILO) asset-based credit facility, with $300 million funded today and an additional $100 million to be funded upon completion of a bond exchange. The transaction also includes $200 million in additional commitments subject to the satisfaction of certain conditions. A majority of bondholders have committed to participate in the exchange, which will launch in the near term.

Marc Metrick, CEO of Saks Global Operating Group, said, "Today's announcement reflects the outcome of productive engagement with our bondholders and their continued confidence in our business and strategic direction. This comprehensive financing package meaningfully enhances our liquidity and strengthens our balance sheet. Coupled with the early realization of synergies and improving inventory position, we are primed to execute on our transformation strategy, invest in key growth initiatives, and reinforce our leadership as the world's largest multi-brand luxury retailer."

The Company is entering into this transaction in lieu of the financing commitments it announced last month with SLR Credit Solutions.

Advisors

PJT Partners and BofA Securities, Inc. are serving as financial advisors to Saks Global in connection with the transaction.

Willkie Farr & Gallagher LLP and Kirkland & Ellis LLP are serving as legal counsel to Saks Global.

Forward-Looking Statements

Certain statements made in this release are forward-looking within the meaning of applicable securities laws, including the Company's current and future plans, expectations and intentions, results, levels of activity, performance, goals or achievements or any other future events or developments. Often, but not always, forward- looking statements can be identified by the forward-looking terminology such as the words "may," "will," "expect," "believe," "estimate," "plan," "could," "should," "would," "anticipate," "foresee," "continue," "intends," "trends," "indications," "anticipates," "predicts," "likely" or "potential" or the negative or other variations of these words or other comparable words or phrases.

Forward-looking statements are based on current estimates and assumptions made by the Company in light of the Company's experience and perception of historical trends, current conditions and expected future developments, as well as other factors that it believes are appropriate and reasonable in the circumstances. However, there can be no assurance that such estimates and assumptions will prove to be correct. Many factors could cause the Company's actual results, level of activity, performance, achievements, future events or developments to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, the following factors:

• the possibility that the anticipated synergies and other benefits from the Acquisition will not be realized (partially or at all), or will not be realized within the anticipated time periods;
• the Company's ability to successfully manage inventory levels;
• increased or new competition;
• changing consumer preferences, demand and fashion trends;
• brand image and reputational risks;
• customer concentration;
• success of the Company's marketing and advertising programs;
• changes in spending of consumers and lower demand, including as a result of macroeconomic factors such as tariffs and inflation;
• seasonality of business;
• damage to brands and dependence on vendors;
• the Company's ability to execute retail strategies;
• the possibility that the anticipated benefits of the Company's partnerships with third parties will not be realized within anticipated time periods;
• reduced flexibility due to restrictive debt covenants;
• future availability of financing and limitations related to changes in the Company's credit ratings;
• loss of or disruption in centralized distribution centers;
• civil unrest;
• extreme or unseasonable weather conditions or natural disasters;
• international operational risks, including tariffs and political risks;
• fluctuations in the U.S. dollar and other foreign currencies;
• supply disruptions;
• increase in raw material costs;
• insolvency risk of parties with whom the Company does business or their unwillingness to perform their obligations;
• risks related to privacy issues and cyber and other security breaches;
• the Company's ability to upgrade, maintain and secure its information systems to support its needs and protect against cybersecurity threats;
• loss of intellectual property rights;
• the Company's ability to make successful acquisitions, investments, expansions and divestitures;
• ability to maintain adequate financial and management processes and controls;
• the Company's ability to attract and retain quality employees;
• risks related to labor costs and other challenges from a large workforce, including a deterioration in labor relations;
• NMG pension plan funding requirements;
• limits on insurance policies;
• exposure to changes in the real estate market;
• exposure to potential environmental liabilities relating to owned and leased real property;
• loss of flexibility with respect to properties in the real estate joint ventures;
• ability to realize the expected benefits from the real estate joint ventures or to effect a future monetization transaction with each of the real estate joint ventures;
• liabilities associated with lease guarantees and with third parties who have assumed leases from the Company;
• risks related to regulatory liability;
• inability to comply with laws and regulations that impact the Company's business, which could lead to litigation or regulatory actions against the Company;
• tariffs, duties, border adjustment taxes, trade restrictions, sanctions, quotas and voluntary export restrictions on imported merchandise;
• non-compliance with changing privacy regulatory environment;
• risks of product liability claims and product recalls;
• risks related to tax matters;
• changes in accounting standards and other risks inherent in the Company's business and/or factors beyond the Company's control which could have a material adverse effect;
• ability to manage indebtedness obligations and cash flow; and
• the ability of the Company to obtain additional financing on commercially reasonable terms or at all;
• risks related to increasing indebtedness and other contractual obligations with the Company's strategic partnerships. 

These factors are not intended to represent a complete list of the factors that could affect the Company; however, these factors should be considered carefully.

The purpose of forward-looking statements is to provide the reader with a description of management's current expectations regarding the Company's financial performance and may not be appropriate for other purposes; readers should not place undue reliance on forward-looking statements made herein. Furthermore, unless otherwise stated, the forward-looking statements contained in this release are made as of the date of this release, and the Company has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law. The forward-looking statements contained in this release are expressly qualified by this cautionary statement.

About Saks Global

Saks Global is a combination of world-class luxury retailers, including Neiman Marcus, Bergdorf Goodman, Saks Fifth Avenue and Saks OFF 5TH, as well as a portfolio of prime U.S. real estate holdings and investments. Saks Global is deeply committed to helping luxury consumers discover the most sought-after established and emerging brands from around the world. Powered by data-driven technology and centered on the customer, Saks Global is on a mission to redefine the luxury shopping experience through highly personalized service, with greater opportunities for product discovery across all channels. 

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SOURCE Saks Global