Deals
Neiman Marcus Is Discussing Debt Overhaul With Lender Groups
- Creditor groups consider extending the loan’s maturity date
- More than half the company’s debt comes due in next two years
This article is for subscribers only.
Neiman Marcus Group Ltd, the luxury retailer facing a $2.8 billion loan coming due in two years, has started talking to groups of creditors about reworking its borrowings to give it more breathing room, according to people with knowledge of the matter.
Advisers for groups of bondholders and lenders are talking to the company about options including giving the retailer more time to pay back its loan. In exchange, they would change Neiman Marcus’s credit agreement to give creditors more power if the company’s fortunes deteriorate too much, said the people who asked not to be identified because discussions are private. They’re also discussing a possible bond exchange.