HBC Announces Multiple Transactions Providing US$200 Million of Incremental Liquidity and Extending Maturity Date of Existing Revolving Credit Facility

Extends Maturity Date of $1.1 Billion Asset-Based Revolving Credit Facility
Upsizes its Senior Secured Term Loan Facility by US$50 Million
Enters into New $150 Million Term Loan Facility Secured by Certain US Real Estate

NEW YORK – February 14, 2024 - Today, HBC announced the closing of an amendment to its asset-based revolving credit facility (“ABL”) that extends the maturity date to June 30, 2026. The ABL is used to finance the working capital requirements and other general corporate purposes of the Company.

HBC and Pathlight Capital announced today they have upsized the Company’s existing Senior Secured Term Loan Facility, of which Pathlight serves as the administrative agent. The upsized facility provides HBC with an additional US$50 Million of incremental liquidity. The upsized term loan matures on September 30, 2026. The Secured Term Loan Facility provides additional support for growth initiatives and general working capital purposes.

“We continue to support the HBC’s management teams’ efforts to best position the company for the future,” said Katie Hendricks, Partner, Pathlight Capital. “We are proud of our ability to provide customized solutions through creative and collaborative partnerships with our portfolio companies.”

HBC also announced the closing of a new term loan facility of up to $150 million secured by certain U.S. real estate assets. This facility provides additional liquidity for the Company and will be used for general working capital purposes.

“We are delighted with the strong support and partnership from Bank of America, Pathlight, and our other lenders,” said Jennifer Bewley, Chief Financial Officer of HBC. “The incremental liquidity generated by these financings, coupled with the extended maturity date and the additional liquidity we have raised through planned real estate monetization, provides even greater financial flexibility. This transaction underscores the significant potential within each of our portfolio companies and the value of ourreal estate assets.”

About Pathlight Capital

Pathlight Capital is a private credit investment manager dedicated to meeting the needs of companies that operate across a broad range of industries by providing asset-based loans secured on a first or

second-lien basis against tangible and intangible assets. Pathlight provides creative financing solutions to allow management teams to access incremental liquidity for the purposes of funding working capital, debt refinancing, growth, acquisitions, dividends, and turnaround strategies. For more information, please visit www.pathlightcapital.com.

About HBC

HBC is a holding company of investments and businesses at the intersection of technology, retail operations, and real estate.

It is the majority owner of iconic e-commerce companies: Saks, a leading online destination for luxury fashion; The Bay, a Canadian e-commerce marketplace; and Saks OFF 5TH, a premier luxury off-price e-commerce company offering top brands at the best prices. These businesses were established as separate operating companies in 2021. HBC also wholly owns Hudson’s Bay, the operating company for Hudson’s Bay’s brick-and-mortar stores, as well as SFA, the entity that operates Saks Fifth Avenue’s physical locations, and O5, the operating company for Saks OFF 5TH stores.

With assets spanning top markets and prime locations across North America, HBC owns or controls—either entirely or with joint venture partners—approximately 42 million square feet of gross leasable area. HBC Properties and Investments, the company’s real estate and investments portfolio business, manages these assets and additional real estate offerings, including Streetworks Development, its property development division.

Founded in 1670, HBC is North America’s longest continually operating company and is headquartered in New York and Toronto. For more information, visit: www.hbc.com.

For media inquiries, contact:

Trenesa S. Danuser
press@hbc.com