Retailer Saks Inc. plans to securitize approximately $200 million of private-label credit card receivables in the coming weeks, market sources told ASR. Saks, formerly Proffitt's, has not tapped the U.S. asset-backed market since July 1999, when it sold $310.275 million of 1999-1 notes via the lead of Banc of America Securities.
The trust had $221.5 million of credit card-backed notes roll off in May, according to Barclays Capital credit card analyst Juliet Jones, signaling the need to securitize.
Although no underwriter was named in connection with the offering, past offerings have been managed by a group led by Banc of America with Banc One Capital Markets and the merged entity JP Morgan Securities.
Saks is the Birmingham, Alabama-based parent of about 350 department stores in 40 states, including Parisian, Younkers, Carson Pirie Scott, McRae's, Proffitt's, Herberger's, Boston Store, Bergner's and of course Saks Fifth Avenue.
A company source was not available for comment as of press time.
