Saks Global Gets 98% Participation in Its Debt Exchange Offer

(Updates with details of the statement throughout.)

Investors holding about 98% principal amount of Saks Global’s 11% senior secured notes due in 2029 tendered their debt in the exchange offer by the early deadline of Aug. 1, the company said in a statement on Monday.

• Those bondholders have also delivered their consents to the proposed amendments
• In connection with the exchange offer, on the early settlement date, the Issuers will receive an aggregate of $100 million in gross proceeds from the sale of SPV Notes and will have an additional $200 million in gross proceeds deposited in an escrow account ...