Belk closes $1.275B credit deal with Wells Fargo and Pathlight

Belk, Inc., a privately owned department store chain based in Charlotte, N.C., has closed $1.275 billion in new senior secured credit facilities with Wells Fargo Bank, N.A. (NYSE: WFC) and Pathlight Capital, according to a press release.

The financing consists of a $900 million asset-based revolving credit facility and a $375 million first-in, last-out term loan facility. Wells Fargo serves as Administrative Agent and Collateral Agent for both facilities, while Pathlight Capital serves as Term Loan Managing Agent for the FILO facility.

The five-year arrangement replaces Belk's existing ABL, FILO, and securitization facilities. The new structure is collateralized by inventory, receivables, real estate, equipment, intellectual property, and the company's private-label credit card program.

Vince Phelan, Chief Financial Officer of Belk, said the financing "represents an important milestone and reflects the continued strength in Belk's business by providing us with the flexibility to continue investing in our business and serving our customers."

Belk operates nearly 300 store locations across 16 Southeastern states under the Belk, Belk Market, and Belk Outlet banners.

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