HBC has obtained a $150 million senior secured term loan with Pathlight Capital LP, which is serving as the administrative agent.

HBC in a statement Wednesday said the term loan was completed and funded on Nov. 25, and that it will provide additional support for growth initiatives and general working capital purposes.

HBC’s portfolio includes Saks Fifth Avenue, Hudson’s Bay and Saks Off 5th. HBC also owns or controls — either entirely or with joint venture partners— about 40 million square feet of gross leasable area. HBC Properties and Investments, the company’s real estate and investments portfolio arm, manages these assets along with additional real estate offerings, including Streetworks Development, its property development division.

HBC went private last February and therefore no longer publicly reports its financial results or its debt load. The last time it did issue a financial report was for the third quarter of 2019. At the end of that period, HBC had $2.8 billion of outstanding debt. Earlier, the company had been deleveraging through some asset sales, including the sale of its European operations.

“Throughout the pandemic, we have taken steps to carefully manage our cash flow and expenditures to sustain and help ensure that our businesses can thrive beyond the crisis,” said Michael Culhane, HBC’s chief financial officer. “The capital generated by this facility, along with our current liquidity, provides even greater financial flexibility. Further, this transaction underscores the value of our real estate assets and the significant potential that lies within each of our portfolio companies.”

Pathlight Capital is a private credit investment manager providing asset-based loans, secured on a first or second lien basis against tangible and intangible assets, for a broad range of industries with liquidity needs for different purposes, whether its  working capital, debt refinancings, growth, acquisitions, dividends or turnaround strategies.