Neiman Marcus’ secondary levels dip amid pushback from creditors [Reuters]
Ares Management Corporation Class A (ARES)
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Source: Reuters
Neiman Marcus’ secondary levels dip amid pushback from creditors | Reuters 4 Min Read NEW YORK, Dec 20 (LPC) - Secondary trading prices on luxury retailer Neiman Marcus’ loan and bond dipped this week as the company faces creditors that are pushing back on a potential agreement to restructure debt maturing in 2020 and 2021, said three sources with knowledge of the situation. Neiman Marcus’ US$2.94bn term loan B, maturing in October 2020, was quoted between 83.5-84.5 by a secondary trader that follows the company, while an investor spotted the term loan between 84-85, down from a peak of 93.84 in mid-September. The company’s bond debt, due in October 2021 with an 8% coupon, fell to roughly 40 cents on the dollar on Thursday, compared to more than 60 cents at its peak in November, the investor added. Asset manager Ares Management and the Canada Pension Plan Investment Board (CPPIB) took over Neiman Marcus in 2013, and despite the retailer increasing revenues this year, its worrisome deb
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- 4/19/24 - Form 4
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