SAKS TO BUY BACK $1.2B IN DEBT.(repurchasing)(Brief Article)

Daily News Record, June, 2005 by Casabona, Liza

Byline: Liza Casabona

NEW YORK -- In a move that should quell concerns over its debt and cash positions, Saks Incorporated said last week that it intends to repurchase $1.2 billion worth of debt.

The retailer also said it asked for an extension to file its annual report.

In a statement last Monday, Saks Inc. said it is looking to buy back three debt notes while making an additional consent solicitation offer for three other notes. Included in the tender offer were notes for $250 million due 2010, $208.1 million due 2013, and $200 million due 2019. Included in the consent solicitation are $230 million in convertible senior notes due 2024, $141.6 million due 2011, and $190.3 million due 2008.

Regarding the filing of its annual...