Saks in talks for US$600mil of new debt as payment nears on current bonds

The negotiations come after Saks last month reported an adjusted loss of more than US$100mil for its financial year ended Feb 1. — Bloomberg

NEW YORK: Just as embattled Saks Global Enterprises faces the first interest payment on debt it incurred to buy rival Neiman Marcus Group, the company is looking to tap investors for even more funding.

The luxury retailer is in talks with some holders of its US$2.2bil in senior secured bonds about borrowing up to an additional US$600mil from them, according to people familiar with the talks.