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Bloomberg Published December 9, 2024 Reading time
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Saks owner Hudson’s Bay is selling junk bonds for Neiman deal

By
Bloomberg Published
December 9, 2024

Hudson’s Bay Co., the owner of luxury retailer Saks Fifth Avenue Inc., is tapping the junk-bond market to help finance its acquisition of Neiman Marcus Group.

The $2 billion, five-year bond was launched on Monday, according to a person with knowledge of the matter, who asked not to be identified discussing a private transaction. Pricing will take place on Tuesday and proceeds will be used for the acquisition and to refinance existing debt, said the person, asking not to be identified discussing private details.

Hudson’s Bay agreed to buy Neiman earlier this year for $2.65 billion, with help from Amazon.com Inc. and Salesforce Inc., who would take minority shares in the company.