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Pathlight Capital and HBC Announce $150MM Term Loan Facility

December 03, 2020, 07:30 AM

Pathlight Capital LP and HBC have completed a $150,000,000 Senior Secured Term Loan Facility for the company, of which Pathlight serves as the administrative agent. HBC is a holding company of portfolio businesses operating at the intersection of retail and real estate, including a real estate and investments division, HBC Properties and Investments, and three retailers, Saks Fifth Avenue, Hudson’s Bay and Saks OFF 5TH.

The term loan, which was completed and funded on November 25, 2020, will provide additional support for growth initiatives and general working capital purposes.

Michael Culhane, Chief Financial Officer of HBC said, “Throughout the pandemic, we have taken steps to carefully manage our cash flow and expenditures to sustain and help ensure that our businesses can thrive beyond the crisis. The capital generated by this facility, along with our current liquidity, provides even greater financial flexibility. Further, this transaction underscores the value of our real estate assets and the significant potential that lies within
each of our portfolio companies. We’re pleased to have worked with Pathlight to complete this facility.”

Mark Twomey, Managing Director of Pathlight Capital commented, “I have followed HBC and its iconic retail businesses for my entire career, so it is both exciting and gratifying for Pathlight to partner with the management team to structure a facility that can provide additional liquidity for the company. We are proud to help bolster the management team's continued efforts to best position HBC for the future.”

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