Neiman Marcus reaches agreement with creditors

Neiman Marcus Group LTD LLC has announced today that it has made significant progress in refinancing discussions and has reached an agreement in principle with majority holders of each of the company’s term loans and unsecured notes on the framework of a comprehensive amend and extend transaction. The current framework contemplates three-year maturity extensions on the Company’s credit facilities and unsecured notes and, if implemented, will provide the company with ample runway to execute on and complete its transformation plan into a customer-centric luxury platform. Any agreement remains subject to final documentation.

All term lenders and nearly all noteholders that have engaged in negotiations with the company have re-executed confidentiality agreements with the company with the goal of documenting and completing a transaction on the agreed terms. The company will continue to work diligently with its advisors, sponsors, lenders and noteholders towards a resolution that is beneficial for all stakeholders.

The fundamentals of Neiman Marcus Group’s business remain strong and continue to improve. The company expects to report that it recently completed its sixth consecutive quarter of comparable revenue growth. The company’s plan to transform the business is gaining momentum.

Neiman Marcus Group's portfolio includes Neiman Marcus, Bergdorf Goodman, Neiman Marcus LastCall, Horchow, and MyTheresa.

The company will be opening a store in New York's Hudson Yards this March as part of their efforts to expand their retail footprint and cash in on the new playground for New York's 1 percent.





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