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Neiman Marcus announces refinancing plan
22
Apr '11
The Neiman Marcus Group Inc announced that it intends to refinance a portion of its existing indebtedness. The purpose of the planned refinancing is to lower Neiman Marcus' interest expense going forward by taking advantage of current market conditions. The Company intends to complete the planned refinancing only if that purpose can be achieved.

Neiman Marcus intends to amend and restate its existing senior secured term loan facility, increasing the principal amount of that facility to $2,060.0 million (from its current amount of $1,505.7 million). The proceeds of the incremental borrowings under the term loan facility, along with cash on hand, will be used to repurchase or redeem the Company's $752.4 million principal amount outstanding of 9%/9¾% Senior Notes due 2015. The Company also intends to increase the size of its existing senior secured revolving credit facility from $600.0 million to $700.0 million. The terms of the contemplated transactions are not yet final.

The Company intends to hold a bank meeting with lenders on April 25, 2011 in New York to discuss the proposed amendments to its credit facilities.

Neiman Marcus, Inc. is the parent of The Neiman Marcus Group, Inc. Neiman Marcus, Inc. operations include the Specialty Retail Stores segment and the Direct Marketing segment. The Specialty Retail Stores segment consists primarily of Neiman Marcus, Last Call and Bergdorf Goodman stores.

Neiman Marcus Group Inc


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