Saks Inc. amended its $500 million revolving credit facility, extending the maturity date by more than two years and lowering the interest rates.
The maturity is now set for March 2016, from November 2013, with a new interest rate in the range of the London Interbank Offered Rate, also known as Libor, plus 2% to 2.5%. The prior rate was Libor plus 3.5% to 4%.
Saks now expects its 2011 interest expense will total about $50 million, slightly lower than the prior estimate of $51 million to $53 million.
Saks currently has no direct outstanding borrowings on the revolving credit facility.
