Hudson’s Bay to pay down loan to $500 million with asset sale proceeds

By Angela McDaniels

Tacoma, Wash., Nov. 17 – Hudson’s Bay Co. will reduce its outstanding term loan B borrowings to $500 million from $1.09 billion, according to a company news release.

The reduction will be made with cash on hand and the proceeds of an asset sale.

The company sold $533 million of its equity in HBS Global Properties, its real estate joint venture with Simon Property Group, to three third-party investors.

Hudson’s Bay is a Toronto-based department store retailer.

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