US: Neiman Marcus inks refinancing plan
US retailer The Neiman Marcus Group intends to refinance a portion of its existing indebtedness in a move to lower interest expenses.
The company plans to amend and restate its existing senior secured term loan facility, increasing the principal amount of that facility to $2bn, from $1.5bn currently.
It said the proceeds of the incremental borrowings under the term loan facility will be used to repurchase or redeem the company’s $752.4m principal amount outstanding of senior notes due 2015.
Neiman Marcus also intends to increase the size of its existing senior secured revolving credit facility from $600.0m to $700.0m.
The terms of the contemplated transactions are not yet final, and the company said it only intends to complete the refinancing if the purpose of lowering interest can be achieved.
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