Saks Incorporated completes $622mn deal of Belk Inc
06 Jul '05
4 min read
Additionally, the Company announced that, as of July 1, 2005, it had received irrevocable consents from holders of a majority of each series of the Company's senior notes and the Company's convertible senior notes to amendments to the related indentures and waivers of defaults under those indentures, including the defaults that were the subject of a previously disclosed notice of default received from a hedge fund purporting to own more than 25% of the convertible senior notes.
Douglas E. Coltharp, Executive Vice President and Chief Financial Officer of Saks Incorporated, commented, "We are very pleased with the success of the consent solicitations and tender offers on all series of our senior notes and the convertible senior notes. The tendered notes are an attractive use of proceeds from the sale of our Proffitt's/McRae's business, and the consents should provide more than sufficient time for the filing of our financial statements.
Our Company remains well-capitalized, and we continue to enjoy access to substantial liquidity as a result of our cash position and the unfunded availability under our revolving credit facility."
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