Neiman Marcus to price $1 billion of five-year notes on Friday; initial talk mid-to-high 7% area

By Paul A. Harris

Portland, Ore., March 18 – Neiman Marcus Group Inc. plans to sell $1 billion of five-year senior secured first-lien notes (Caa2/existing CCC+) on Friday, according to market sources.

The deal, which was scheduled to kick off on a Thursday conference call with investors, is in the market with initial guidance in the mid-to-high 7% area.

J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, BofA Securities Inc. and Goldman Sachs & Co. LLC are the joint bookrunners.

The Rule 144A and Regulation S for life notes come with two years of call protection.

The issuing entity will be NMG Holding Co. Inc., the direct parent of Neiman Marcus.

The Dallas-based luxury department store chain operator plans to use the proceeds to repay its exit first-in last-out facility, its exit secured term loan and its secured floating-rate notes.

Neiman Marcus filed for Chapter 11 bankruptcy protection in May 2020.

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