×
820
Fashion Jobs
L'OREAL GROUP
Key Account Manager
CDI · Montreal
ZARA
Store Operations Manager (Toronto)
CDI · TORONTO
ZARA
Gérant de Département (Place Rosemère)
CDI · ROSEMÈRE
LEVI'S
sr. Manager, HR Business Partner
CDI · Richmond Hill
ESTÉE LAUDER COMPANIES
Operations Manager
CDI · Markham
ESTÉE LAUDER COMPANIES
Manager, E-Commerce (2 Vacancies)
CDI · Toronto
PUMA
Manager, Marketing
CDI · Toronto
L'OREAL GROUP
Trade Marketing Manager
CDI · Montreal
TOM FORD BEAUTY
Marketing Manager, Tom Ford, by Killian & Frederic Malle (1 Year Contract)
CDI · Toronto
RALPH LAUREN
Polo Factory Store - General Manager
CDI · Winnipeg
MAC
Bilingue Directeur(Rice) Régional Des Ventes/ Bilingual Field Sales Manager - (Retail Partner) - Mac Montreal,qc
CDI · Montreal
MAC
Field Sales Manager - (Retail Partner) - Mac (1 Year Contract)
CDI · Toronto
ESTÉE LAUDER COMPANIES
E-Commerce Manager, Mac Brand
CDI · Toronto
NORDSTROM CANADA RETAIL INC
Security Ambassador
CDI · Mississauga
NORDSTROM CANADA RETAIL INC
District Manager Asset Protection Eaton Centre
CDI · Toronto
ESTÉE LAUDER COMPANIES
Senior Manager, Accounting & Controls
CDI · Toronto
FOOT LOCKER
Overnight Assistant Operations Manager
CDI · Vaughan
FOOT LOCKER
Overnight Assistant Operations Manager
CDI · Brampton
ESTÉE LAUDER COMPANIES
Operations Manager/Group Leader - 3rd Shift
CDI · Markham
LEVI'S
Seasonal Sales Stylist
CDD · Niagara-on-the-Lake
WINNERS
Customer Service Coordinator, Full-Time, Winners, Shawnessy, 85 Shawville Blvd se
CDI · Calgary
WINNERS
Store Associate , Part-Time Day Time Availability Winners Unicity
CDI · Winnipeg
Published
Mar 31, 2021
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Neiman Marcus confirms $1.1 billion refinancing

Published
Mar 31, 2021

Dallas, Texas- based department store owner Neiman Marcus Holding Company, Inc. announced on Tuesday that it has completed the refinancing of a significant portion of its exit facilities with the sale of $1.1 billion of new 7.125% senior secured notes due 2026, confirming earlier reports concerning its efforts to repay its borrowings.


Reuters

 
Neiman Marcus said that it has used the proceeds from the refinancing transaction to repay a total of around $871.8 million which was outstanding under its first-in, last-out term loan facility, its term loan credit facility, and its senior secured floating rates due 2025. The group also paid related interest, premiums and expenses.
 
According to the company, it will use the rest of the proceeds from the transaction for “general corporate purposes,” which include the repayment of the $75.0 million currently outstanding under its $900-million asset-based revolving credit facility. Following this repayment, Neiman Marcus’ outstanding net debt will total around $850 million.

The group said that the refinancing puts it in a position to pursue long-term profitability, having assured the company a simplified capital structure, lowered interest payments by more than $30 million per year, extended debt maturities to 2026, improved financial flexibility, and strengthened liquidity.
 
“This refinancing validates the momentum we are seeing as we continue to execute on our strategic transformation plan amidst improved market conditions,” said Neiman Marcus Group EVP and CEO Brandy Richardson in a release. “Confidence from our investors is reflected in final pricing terms and the size of the offering. We have additional financial flexibility as we invest in our supply chain, elevate our digital excellence and deliver unparalleled luxury experiences.”
 
Reports citing a confidential offering memorandum concerning Neiman Marcus’ refinancing first appeared last week. According to the company, the transaction was initially sized at $1 billion, but was increased to $1.1 billion due to demand from institutional investors.
 
Neiman Marcus filed for bankruptcy in May 2020 and emerged from the process in September, with its three senior lenders – Pacific Investment Management Company LLC (Pimco), Davidson Kempner Capital Management, and Sixth Street Partners – swapping debt for equity and becoming the retailer’s new owners.
 
The reorganization plan implemented as part of this process saw Neiman Marcus eliminate around $4.4 billion in debt and $200 million in annual interest payments. At the time, the group also received a $900 million asset-backed loan, a $750 million exit financing package and a first-in, first out facility.
 
However, the retailer has continued to experience problems due to heavy interest payments on its remaining debt and declines in its revenues. According to the Neiman Marcus memorandum cited by WWD by last week, the company’s revenues totaled $1.63 billion in the six-month period ended January 2021, down from $2.42 billion in the same period in the previous year.
 
Neiman Marcus currently operates 37 namesake stores, two Bergdorf Goodman locations, and five Last Call stores.

Copyright © 2021 FashionNetwork.com All rights reserved.