Neiman Taps Junk-Bond Market to Refinance Bankruptcy Exit Debt

March 18, 2021, 1:19 PM

Neiman Marcus Holding Company Inc. launched a junk-bond sale on Thursday to refinance debt taken out to emerge from bankruptcy, marking the retailer’s return to the capital markets just six months after exiting from Chapter 11.

The troubled upscale department store is marketing a $1 billion five-year first lien bond. An investor call is scheduled for 11 a.m. New York time, with pricing expected on Friday.

Proceeds will pay down the $125 million first-in, last-out facility and repay the roughly $748 million exit term loan and notes due 2025, resulting in a “modest” reduction in interest expenses, according to a ...

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