Neiman Marcus launches term loan amendment and extension to lenders

By Sara Rosenberg

New York, Nov. 4 - Neiman Marcus Inc. was scheduled to hold a conference call at 2:30 p.m. ET on Thursday to launch an amendment and extension of its term loan, according to a market source.

Under the proposal, the company is looking to extend the maturity on some or all of its term loan by three years from April 6, 2013, the source said.

Pricing on the extended term loan will be Libor plus 325 basis points, and lenders are being offered a 10 bps amendment fee.

At July 31, there was roughly $1.5 billion of the term loan outstanding and pricing was Libor plus 200 bps.

In addition, the amendment would allow for the incurrence of additional debt to refinance the non-extended term loan.

Credit Suisse and JPMorgan are the lead banks on the deal.

Neiman is a Dallas-based high-end specialty retailer.

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