New ETF Book by Larry Connors - Click here to read more
Under the offering Saks will sell 14,925,373 shares of its common stock at a price to the public at USD6.70 per share.
Saks has also granted the underwriters a 30-day option to purchase up to an aggregate of 2,238,805 additional shares of common stock.
All of the shares in the offering, which is scheduled to close on 6 October 2009, are to be sold by Saks.
Morgan Stanley & Co Incorporated, Goldman, Sachs & Co and Wells Fargo Securities LLC are acting as bookrunners.
Net proceeds from this offering will reportedly be used by Saks to reduce borrowings under its revolving credit facility and for general corporate purposes.
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