{"success":true,"data":{"pressRelease":{"id":"173910","rtpr_id":"nPn5fybMza-20261020","ticker":"WFC","exchange":"NYSE","all_tickers":["WFC"],"title":"Belk Secures $1.275 Billion in New Financing from Wells Fargo and Pathlight Capital","author":"PR Newswire","published_at":"2026-10-20T12:00:26.508Z","article_body":"Belk Secures $1.275 Billion in New Financing from Wells Fargo and Pathlight Capital\nPR Newswire\n\nCHARLOTTE, N.C., Oct. 20, 2026\n\nNew asset-based revolving credit and FILO facilities enhance financial\nflexibility and support Belk's continued investment in its customers, stores\nand omnichannel platform\n\nCHARLOTTE, N.C., Oct. 20, 2026 /PRNewswire/ -- Belk, Inc. (\"Belk\" or the\n\"Company\"), a leading regional department store serving communities across the\nSoutheastern United States, today announced the closing of $1.275 billion in\nnew senior secured credit facilities with Wells Fargo Bank, N.A. (\"Wells\nFargo\") and Pathlight Capital.\n\nThe financing consists of a $900 million asset-based revolving credit facility\nand a $375 million first-in, last-out term loan (\"FILO\") facility. Wells Fargo\nserves as Administrative Agent and Collateral Agent for both facilities, and\nPathlight Capital serves as Term Loan Managing Agent for the FILO facility.\n\nThe new five-year financing replaces Belk's existing ABL, FILO and\nsecuritization facilities. It provides the Company with a simplified capital\nstructure and enhanced liquidity to support working capital needs, seasonal\ninventory investment and other general corporate purposes. The facilities are\nsupported by a broad collateral base that includes inventory, receivables,\nreal estate, equipment, intellectual property, and the Company's industry\nleading private-label credit card program.\n\n\"This opportunistic financing represents an important milestone and reflects\nthe continued strength in Belk's business by providing us with the flexibility\nto continue investing in our business and serving our customers,\" said Vince\nPhelan, Chief Financial Officer. \"We appreciate the support, expertise and\ncollaborative approach demonstrated by Wells Fargo, Pathlight Capital and the\nbroader lender group throughout the transaction.\"\n\nFounded more than 138 years ago, Belk operates nearly 300 Belk, Belk Market,\nand Belk Outlet locations across 16 states and maintains a strong omnichannel\npresence through Belk.com and the Belk mobile app. The Company remains focused\non providing its customers with localized merchandising, including an\nattractive mix of national and private brands, maintaining disciplined\ninventory management, and enabling convenient shopping experiences across its\nstores and digital channels.\n\n\"Wells Fargo is proud to expand its relationship with Belk and deliver a\nflexible financing solution supporting the Company's long-term objectives,\"\nsaid Keith Vercauteren, Division Manager and head of Wells Fargo's Corporate\nand Retail Asset-Based Lending platform. \"We look forward to supporting the\nCompany in its next phase.\"\n\n\"We are pleased to partner with Belk and Wells Fargo on this financing,\" said\nMatt Williams, Managing Director at Pathlight Capital. \"The transaction\nprovides Belk with additional liquidity and flexibility as the Company\ncontinues to invest in its business and execute on its strategic priorities.\"\n\nAbout Belk\nCharlotte-based Belk, Inc., a privately-owned department store, opened its\nfirst store in 1888, beginning a legacy of selling great products at great\nprices, treating customers like family, and giving back to the community.\nToday, Belk serves customers at nearly 300 Belk, Belk Market and Belk Outlet\nlocations across 16 Southeastern states, and digitally through belk.com and\nthe Belk mobile app. For 138 years, Belk has proudly put customers and\ncommunity at the center of what they do, supporting local charities,\norganizations, and families when they need it most. For more information visit\nhttps://newsroom.belk.com/\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4801205-1&h=3216659899&u=https%3A%2F%2Fnewsroom.belk.com%2F&a=https%3A%2F%2Fnewsroom.belk.com%2F)\n.\n\nTo shop, find your local store at https://www.belk.com/stores/\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4801205-1&h=1038883472&u=https%3A%2F%2Fwww.belk.com%2Fstores%2F&a=https%3A%2F%2Fwww.belk.com%2Fstores%2F)\n, visit belk.com or download the Belk app in Google Play or Apple Store.\n\nAbout Pathlight Capital\nPathlight Capital is a private credit investment manager dedicated to meeting\nthe needs of companies that operate across a broad range of industries by\nproviding asset-based loans secured on a first or second lien basis against\ntangible and intangible assets. Pathlight aims to provide creative financing\nsolutions to allow management teams to access incremental liquidity for the\npurposes of funding working capital, debt refinancings, growth, acquisitions,\ndividends and turnaround strategies. For more information, please visit\nwww.pathlightcapital.com\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4801205-1&h=1952429485&u=http%3A%2F%2Fwww.pathlightcapital.com%2F&a=www.pathlightcapital.com)\n.\n\nAbout Wells Fargo\nWells Fargo & Company (NYSE: WFC) is a leading financial services company\nthat has approximately $2.3 trillion in assets. We provide a diversified set\nof banking, investment and mortgage products and services, as well as consumer\nand commercial finance, through our four reportable operating segments:\nConsumer Banking and Lending, Commercial Banking, Corporate and Investment\nBanking, and Wealth & Investment Management. Wells Fargo ranked No. 38 on\nFortune's 2026 rankings of America's largest corporations. News, insights, and\nperspectives from Wells Fargo are also available at Wells Fargo Stories\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4801205-1&h=1106765539&u=https%3A%2F%2Fstories.wf.com%2F&a=Wells+Fargo+Stories)\n.\n\nThis release may contain statements from an individual who may be supporting\nor recommending the activities of Pathlight Capital LP. Such individual has\nnot been compensated directly or indirectly by Pathlight Capital LP for the\nuse of his statements. The statements represent endorsement by that individual\nonly and may not represent the experience of all counterparties.\n\n \n\nView original content to download\nmultimedia:https://www.prnewswire.com/news-releases/belk-secures-1-275-billion-in-new-financing-from-wells-fargo-and-pathlight-capital-302913923.html\n(https://www.prnewswire.com/news-releases/belk-secures-1-275-billion-in-new-financing-from-wells-fargo-and-pathlight-capital-302913923.html)\n\nSOURCE Pathlight Capital\n\n\n\nMark Twomey, mtwomey@pathlightcapital.com\n\nPhoto: \nhttps://mmx.prnewswire.com/media/MS2016401/Belk-LOGO.jpg?id=OA3027003\nhttps://mmx.prnewswire.com/media/MS2016248/wells-fargo-logo.jpg?id=OA3027125\nhttps://mmx.prnewswire.com/media/MS1225500/Pathlight-Capital-Logo.jpg?id=OA3028605\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved.","article_body_html":"","raw_payload":{"data":{"id":"nPn5fybMza-20261020","title":"Belk Secures $1.275 Billion in New Financing from Wells Fargo and Pathlight Capital","author":"PR Newswire","ticker":"WFC","created":"2026-10-20T12:00:26.508Z","tickers":["WFC"],"exchange":"NYSE","article_body":"Belk Secures $1.275 Billion in New Financing from Wells Fargo and Pathlight Capital\nPR Newswire\n\nCHARLOTTE, N.C., Oct. 20, 2026\n\nNew asset-based revolving credit and FILO facilities enhance financial\nflexibility and support Belk's continued investment in its customers, stores\nand omnichannel platform\n\nCHARLOTTE, N.C., Oct. 20, 2026 /PRNewswire/ -- Belk, Inc. (\"Belk\" or the\n\"Company\"), a leading regional department store serving communities across the\nSoutheastern United States, today announced the closing of $1.275 billion in\nnew senior secured credit facilities with Wells Fargo Bank, N.A. (\"Wells\nFargo\") and Pathlight Capital.\n\nThe financing consists of a $900 million asset-based revolving credit facility\nand a $375 million first-in, last-out term loan (\"FILO\") facility. Wells Fargo\nserves as Administrative Agent and Collateral Agent for both facilities, and\nPathlight Capital serves as Term Loan Managing Agent for the FILO facility.\n\nThe new five-year financing replaces Belk's existing ABL, FILO and\nsecuritization facilities. It provides the Company with a simplified capital\nstructure and enhanced liquidity to support working capital needs, seasonal\ninventory investment and other general corporate purposes. The facilities are\nsupported by a broad collateral base that includes inventory, receivables,\nreal estate, equipment, intellectual property, and the Company's industry\nleading private-label credit card program.\n\n\"This opportunistic financing represents an important milestone and reflects\nthe continued strength in Belk's business by providing us with the flexibility\nto continue investing in our business and serving our customers,\" said Vince\nPhelan, Chief Financial Officer. \"We appreciate the support, expertise and\ncollaborative approach demonstrated by Wells Fargo, Pathlight Capital and the\nbroader lender group throughout the transaction.\"\n\nFounded more than 138 years ago, Belk operates nearly 300 Belk, Belk Market,\nand Belk Outlet locations across 16 states and maintains a strong omnichannel\npresence through Belk.com and the Belk mobile app. The Company remains focused\non providing its customers with localized merchandising, including an\nattractive mix of national and private brands, maintaining disciplined\ninventory management, and enabling convenient shopping experiences across its\nstores and digital channels.\n\n\"Wells Fargo is proud to expand its relationship with Belk and deliver a\nflexible financing solution supporting the Company's long-term objectives,\"\nsaid Keith Vercauteren, Division Manager and head of Wells Fargo's Corporate\nand Retail Asset-Based Lending platform. \"We look forward to supporting the\nCompany in its next phase.\"\n\n\"We are pleased to partner with Belk and Wells Fargo on this financing,\" said\nMatt Williams, Managing Director at Pathlight Capital. \"The transaction\nprovides Belk with additional liquidity and flexibility as the Company\ncontinues to invest in its business and execute on its strategic priorities.\"\n\nAbout Belk\nCharlotte-based Belk, Inc., a privately-owned department store, opened its\nfirst store in 1888, beginning a legacy of selling great products at great\nprices, treating customers like family, and giving back to the community.\nToday, Belk serves customers at nearly 300 Belk, Belk Market and Belk Outlet\nlocations across 16 Southeastern states, and digitally through belk.com and\nthe Belk mobile app. For 138 years, Belk has proudly put customers and\ncommunity at the center of what they do, supporting local charities,\norganizations, and families when they need it most. For more information visit\nhttps://newsroom.belk.com/\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4801205-1&h=3216659899&u=https%3A%2F%2Fnewsroom.belk.com%2F&a=https%3A%2F%2Fnewsroom.belk.com%2F)\n.\n\nTo shop, find your local store at https://www.belk.com/stores/\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4801205-1&h=1038883472&u=https%3A%2F%2Fwww.belk.com%2Fstores%2F&a=https%3A%2F%2Fwww.belk.com%2Fstores%2F)\n, visit belk.com or download the Belk app in Google Play or Apple Store.\n\nAbout Pathlight Capital\nPathlight Capital is a private credit investment manager dedicated to meeting\nthe needs of companies that operate across a broad range of industries by\nproviding asset-based loans secured on a first or second lien basis against\ntangible and intangible assets. Pathlight aims to provide creative financing\nsolutions to allow management teams to access incremental liquidity for the\npurposes of funding working capital, debt refinancings, growth, acquisitions,\ndividends and turnaround strategies. For more information, please visit\nwww.pathlightcapital.com\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4801205-1&h=1952429485&u=http%3A%2F%2Fwww.pathlightcapital.com%2F&a=www.pathlightcapital.com)\n.\n\nAbout Wells Fargo\nWells Fargo & Company (NYSE: WFC) is a leading financial services company\nthat has approximately $2.3 trillion in assets. We provide a diversified set\nof banking, investment and mortgage products and services, as well as consumer\nand commercial finance, through our four reportable operating segments:\nConsumer Banking and Lending, Commercial Banking, Corporate and Investment\nBanking, and Wealth & Investment Management. Wells Fargo ranked No. 38 on\nFortune's 2026 rankings of America's largest corporations. News, insights, and\nperspectives from Wells Fargo are also available at Wells Fargo Stories\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4801205-1&h=1106765539&u=https%3A%2F%2Fstories.wf.com%2F&a=Wells+Fargo+Stories)\n.\n\nThis release may contain statements from an individual who may be supporting\nor recommending the activities of Pathlight Capital LP. Such individual has\nnot been compensated directly or indirectly by Pathlight Capital LP for the\nuse of his statements. The statements represent endorsement by that individual\nonly and may not represent the experience of all counterparties.\n\n \n\nView original content to download\nmultimedia:https://www.prnewswire.com/news-releases/belk-secures-1-275-billion-in-new-financing-from-wells-fargo-and-pathlight-capital-302913923.html\n(https://www.prnewswire.com/news-releases/belk-secures-1-275-billion-in-new-financing-from-wells-fargo-and-pathlight-capital-302913923.html)\n\nSOURCE Pathlight Capital\n\n\n\nMark Twomey, mtwomey@pathlightcapital.com\n\nPhoto: \nhttps://mmx.prnewswire.com/media/MS2016401/Belk-LOGO.jpg?id=OA3027003\nhttps://mmx.prnewswire.com/media/MS2016248/wells-fargo-logo.jpg?id=OA3027125\nhttps://mmx.prnewswire.com/media/MS1225500/Pathlight-Capital-Logo.jpg?id=OA3028605\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved."},"type":"article","timestamp":"2026-10-20T12:00:26.580832067Z","server_sent_at_ms":1792497626580},"received_at":"2026-10-20T12:00:26.634Z","source_url":"https://www.prnewswire.com/news-releases/belk-secures-1-275-billion-in-new-financing-from-wells-fargo-and-pathlight-capital-302913923.html"},"analysis":{"id":"161980","press_release_id":"173910","analysis_json":{"industry":{"label":"Banks","sector":"Financials"},"redFlags":[],"eventType":"debt_offering","narrative":"Belk, Inc. closed $1.275 billion in new senior secured credit facilities arranged with Wells Fargo Bank and Pathlight Capital.\n\nThe package pairs a $900 million five-year asset-based revolving credit facility with a $375 million FILO term loan, replacing Belk's prior ABL, FILO and securitization facilities.\n\nWells Fargo (WFC) serves as administrative and collateral agent on both facilities; the deal is a routine agency win that is immaterial to WFC given its ~$2.3 trillion in assets.","sentiment":"neutral","agentHooks":{"shouldPost":false,"suggestedAngle":"WFC agency role on Belk's $1.275B refinancing is routine lender news, not a WFC material event -- suppress for WFC-focused feeds."},"keyFigures":{"dealValueUsd":1275000000,"customDimensions":{"abl_revolver":900000000,"term_maturity":"five-year","filo_term_loan":375000000}},"quotedText":"Wells Fargo is proud to expand its relationship with Belk and deliver a flexible financing solution supporting the Company's long-term objectives","namedEntities":{"people":[{"name":"Vince Phelan","role":"CFO of Belk"},{"name":"Keith Vercauteren","role":"Division Manager, head of Wells Fargo Corporate and Retail Asset-Based Lending"},{"name":"Matt Williams","role":"Managing Director, Pathlight Capital"},{"name":"Mark Twomey","role":"Pathlight Capital contact"}],"products":["asset-based revolving credit facility","first-in, last-out (FILO) term loan"],"companies":[{"name":"Belk, Inc.","relationship":"borrower"},{"name":"Wells Fargo Bank, N.A.","ticker":"WFC","relationship":"administrative and collateral agent"},{"name":"Pathlight Capital","relationship":"term loan managing agent"}],"dollarAmounts":[{"amount":"$1.275 billion","context":"total new senior secured credit facilities"},{"amount":"$900 million","context":"asset-based revolving credit facility"},{"amount":"$375 million","context":"FILO term loan facility"},{"amount":"$2.3 trillion","context":"Wells Fargo total assets"}]},"materialImpact":{"score":1,"reasoning":"The filer WFC acts as administrative agent on a $1.275B financing for privately-held Belk; the deal is immaterial relative to WFC's $2.3 trillion balance sheet and is primarily a Belk/Pathlight press release."},"tickerRelevance":{"others":[],"primary":"WFC"},"globalImportance":15,"audienceRelevance":8,"eventTypeSecondary":[],"importanceComponents":{"wfcRole":"agent-lender","tickerTier":"mega-cap-bank","eventGravity":"third-party-borrower-financing","borrowerIsPrivate":true}},"event_type":"debt_offering","event_type_secondary":null,"sentiment":"neutral","material_impact_score":1,"narrative":"Belk, Inc. closed $1.275 billion in new senior secured credit facilities arranged with Wells Fargo Bank and Pathlight Capital.\n\nThe package pairs a $900 million five-year asset-based revolving credit facility with a $375 million FILO term loan, replacing Belk's prior ABL, FILO and securitization facilities.\n\nWells Fargo (WFC) serves as administrative and collateral agent on both facilities; the deal is a routine agency win that is immaterial to WFC given its ~$2.3 trillion in assets.","key_figures":{"dealValueUsd":1275000000,"customDimensions":{"abl_revolver":900000000,"term_maturity":"five-year","filo_term_loan":375000000}},"named_entities":{"people":[{"name":"Vince Phelan","role":"CFO of Belk"},{"name":"Keith Vercauteren","role":"Division Manager, head of Wells Fargo Corporate and Retail Asset-Based Lending"},{"name":"Matt Williams","role":"Managing Director, Pathlight Capital"},{"name":"Mark Twomey","role":"Pathlight Capital contact"}],"products":["asset-based revolving credit facility","first-in, last-out (FILO) term loan"],"companies":[{"name":"Belk, Inc.","relationship":"borrower"},{"name":"Wells Fargo Bank, N.A.","ticker":"WFC","relationship":"administrative and collateral agent"},{"name":"Pathlight Capital","relationship":"term loan managing agent"}],"dollarAmounts":[{"amount":"$1.275 billion","context":"total new senior secured credit facilities"},{"amount":"$900 million","context":"asset-based revolving credit facility"},{"amount":"$375 million","context":"FILO term loan facility"},{"amount":"$2.3 trillion","context":"Wells Fargo total assets"}]},"model_name":"glm-5.3-flashx","prompt_hash":"sha256:5c812bd9e28b810d","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-10-20T12:00:43.289Z","global_importance":15,"audience_relevance":8,"importance_components":{"wfcRole":"agent-lender","tickerTier":"mega-cap-bank","eventGravity":"third-party-borrower-financing","borrowerIsPrivate":true}},"durationMs":5627,"modelName":"glm-5.3-flashx"}}