by Stephen Garner has closed on a syndicated $350 million asset-based five-year revolving credit facility arranged by Bank of America, and a $115 million senior secured term loan arranged by Pathlight Capital.

The asset-based revolving credit facility, undrawn at closing, remains available to Saks for general corporate purposes or growth initiatives. A portion of the proceeds from the term loan will be used to fund certain obligations to parent company HBC in connection with the company’s recent transaction, and the remaining amount will be available to Saks.

“Given our strong market position and the improving economic environment, Saks is poised to lead in luxury e-commerce,” said Vince Phelan, chief financial officer of Saks. “These transactions and their favorable terms are a reflection of the strength of our business and capital position. Furthermore, this financing combined with cash we already have on hand ensures we have substantial liquidity and flexibility to execute on our strategic plans and build on the upward trajectory we are already seeing in our business.”

This news comes after HBC announced in March that it is splitting up Saks Fifth Avenue’s in-store and online businesses. is now its own standalone business in partnership with Insight Partners, which made a $500 million minority equity investment in Saks at the time of the announcement.

As separate but related sister companies, HBC believes that and Saks Fifth Avenue will be better able to appropriately plan for and invest in their respective service models.