Home / Knowledge / News / Fashion / Dallas-based retail store amends secured credit facility
Dallas-based retail store amends secured credit facility
16
Jul '09
Neiman Marcus Inc announces that it has entered into an amended and restated senior secured revolving credit agreement which has a tenure of 3.5 years and will expire January 15, 2013. The maximum committed borrowing capacity of the amended facility remains at $600 million.

The facility also provides an uncommitted accordion feature that allows the Company to request the lenders to provide additional capacity in either the form of increased revolving commitments or incremental term loans, subject to a total maximum facility of $800 million.

“We are very pleased with the outcome of our process and the strong level of support we received from this leading group of bank institutions,” said Jim Skinner, Executive Vice President and Chief Financial Officer. “We believe our success in maintaining our facility size is evidence of the confidence that our banking group has in our company and our ability to effectively manage our business during this challenging economic period. This facility, combined with our current cash balance in excess of $250 million, provides us with ample liquidity to support the growth of our company.”

Banc of America Securities LLC, Wells Fargo Retail Finance, LLC, JP Morgan Securities LLC and Regions Business Capital Corporation are joint lead arrangers and joint bookrunning managers for the transaction. Other major lending institutions participated in the agreement including Goldman Sachs, Barclays, Credit Suisse, PNC and UBS.

The amendment revises and adds certain terms and covenants of the existing credit facility. While the borrowing capacity formula based on eligible collateral remains substantially the same, the new interest rates vary with usage and are LIBOR plus 4.25% through October 1, 2010 and in the range of LIBOR plus 4.0% - 4.50% thereafter. The credit facility is available for general corporate purposes and the issuance of letters of credit.

Neiman Marcus Inc


Must ReadView All

Pakistani textile associations want uniform energy pricing

Textiles | On 21st Feb 2018

Pakistani textile associations want uniform energy pricing

Pakistan’s textile industry association representatives have...

Japan’s JICA promoting energy-saving devices in Bangladesh

Apparel/Garments | On 21st Feb 2018

Japan’s JICA promoting energy-saving devices in Bangladesh

The Japan International Cooperation Agency (JICA) is promoting use of ...

Courtesy: Indorama Ventures

Textiles | On 21st Feb 2018

IVL 2017 revenue up 17% y-o-y to $8,438 million

Indorama Ventures Public Company Limited (IVL) has reported revenue...

Interviews View All

Binoy Ravjani
Hero's Fashion

‘One of the recent trends in hand block printing is the indigo process,...

Manfred Mentges
Sedo Treepoint GmbH

We see a higher demand in colour management systems, as customers see big...

Top executives
Textile industry

Union budget 2018-19 will have positive impact on apparel industry

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Anisha Chaudhari
Threads & Shirts

Threads &amp; Shirts is a freshly-tailored concept providing men/women a...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

February 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
70.6%
No
12.7%
Skip
16.7%

Total Votes: 102

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.7%
No
29.4%
Skip
6.9%

Total Votes: 102

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
88.2%
No
8.8%
Skip
2.9%

Total Votes: 102

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
83.3%
No
7.8%
Skip
8.8%

Total Votes: 102


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search