August 25, 2025
Willkie advised Saks Global Enterprises LLC on a $600 million committed financing transaction and related exchange offer for Saks Global’s Senior Secured Notes.
The transaction involved the issuance of $600 million in new Senior Secured Asset Based Notes for cash by a subsidiary of Saks Global; intercompany loans, including a first-in, last-out (FILO) asset based credit facility and term loan credit facility; as well as a related exchange offer transaction.
Approximately 98% of bondholders participated in the exchange offer transaction, in which Saks Global issued a combination of newly issued Senior Secured Second Out Notes and Senior Secured Third Out Notes and Saks Global’s subsidiary issued Senior Secured Asset Based Notes.
Willkie previously advised Saks Global on its acquisition in 2024 of Neiman Marcus Group for a total enterprise value of $2.7 billion.
Saks Global is a combination of world-class luxury retailers, including Neiman Marcus, Bergdorf Goodman, Saks Fifth Avenue and Saks OFF 5TH, as well as a portfolio of prime U.S. real estate holdings and investments.
The Willkie team was led by partners Gregory Astrachan, John Ablan, Michael Brandt, Tej Prakash, Viktor Okasmaa, Charlotta Chung, Andrew Thomison, Robin Spigel and Guy Inbar, and included counsel Michael Wolynski and Bernard Funk, associates David Adler, Katherine Lovejoy, Lee Henderson, Caitlin Cosby, Kevin Winnie, Qingqing (Chelsea) Zheng, Jordan Oh, Emily Wang and Valentine Wolf, and law clerk Ayesha Bhattacharya.
The transaction involved the issuance of $600 million in new Senior Secured Asset Based Notes for cash by a subsidiary of Saks Global; intercompany loans, including a first-in, last-out (FILO) asset based credit facility and term loan credit facility; as well as a related exchange offer transaction.
Approximately 98% of bondholders participated in the exchange offer transaction, in which Saks Global issued a combination of newly issued Senior Secured Second Out Notes and Senior Secured Third Out Notes and Saks Global’s subsidiary issued Senior Secured Asset Based Notes.
Willkie previously advised Saks Global on its acquisition in 2024 of Neiman Marcus Group for a total enterprise value of $2.7 billion.
Saks Global is a combination of world-class luxury retailers, including Neiman Marcus, Bergdorf Goodman, Saks Fifth Avenue and Saks OFF 5TH, as well as a portfolio of prime U.S. real estate holdings and investments.
The Willkie team was led by partners Gregory Astrachan, John Ablan, Michael Brandt, Tej Prakash, Viktor Okasmaa, Charlotta Chung, Andrew Thomison, Robin Spigel and Guy Inbar, and included counsel Michael Wolynski and Bernard Funk, associates David Adler, Katherine Lovejoy, Lee Henderson, Caitlin Cosby, Kevin Winnie, Qingqing (Chelsea) Zheng, Jordan Oh, Emily Wang and Valentine Wolf, and law clerk Ayesha Bhattacharya.
