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Neiman Marcus pushes out debt due date, buys time
Neiman Marcus bought some breathing room on Thursday.
The Dallas-based luxury retailer and its lenders, led by Deutsche Bank, has extended the term for its revolving credit agreement.
Neiman Marcus has $645 million available to with some restrictions from the term loan. It was to expire in Oct. 2018 and now is good to July 2021. To do that, Neiman Marcus agreed to a higher interest rate.
Debt maturity extensions are viewed a positive, especially for companies with a big debt burden, which in Neiman's case, stands at $4.7 billion.
Read more: http://www.dallasnews.com/business/retail/2016/10/27/neiman-marcus-pushes-debt-due-date-buys-time