AMERICAS DISTRESS DAILY: Saks Explores Loan as Pressures Build

Saks is weighing financing options to boost liquidity as economic pressures weigh on the US retail sector.

• The department-store operator is considering raising a $350 million first-in, last-out loan under its existing revolving credit facility and may sell some of its real estate assets to shore up finances
• The company’s bonds, issued to finance its $2.7 billion acquisition of Neiman Marcus last year, have lost almost half their value since being issued in December

In Other News:

• Anastasia Beverly Hills lenders have hired Houlihan Lokey to address an upcoming debt maturity, as the cosmetics company’s more-than-$600 million first-lien loan trades ...