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

Paul, Weiss advised an ad hoc group of Saks Global Enterprises LLC senior secured noteholders in a strategic transaction providing Saks with $600 million in committed financing to purchase newly issued first-out secured notes. In connection with the transaction, the ad hoc group will roll up a portion of its existing notes into new first-out notes at par and exchange the remainder of its existing secured notes for new second-out secured notes at par. Other existing secured noteholders will be offered the opportunity to exchange their existing notes at a discount to par.

The Paul, Weiss team was led by partners Sung Pak and Robert Britton, and included restructuring partners Andrew Rosenberg, Alice Eaton and Lauren Bilzin; corporate partners David Huntington and Tony Rim, and counsel Lyudmila Bondarenko; intellectual property partner Claudine Meredith-Goujon; tax partner Anne McGinnis; litigation partners Jeffrey Recher and Kristina Bunting; and real estate partners Peter Fisch and Matthew Dulak.