Moody’s Investors Service and Standard & Poor’s are both reviewing their credit ratings on Neiman Marcus Group, anticipating that the firm’s $6 billion leveraged buyout will weigh it down with additional debt.
Moody’s placed Neiman’s “B2” corporate family credit rating on review for downgrade. “Although the capital structure to finance the transaction has not yet been determined, Moody’s expects that the transaction will be largely financed with debt as is typical for most leveraged buyouts,” the debt watchdog said. “This will likely result in NMG’s credit metrics deteriorating to levels that are indicative of a lower rating.”
Moody’s noted that the company has a $2.6 billion bank credit facility that will be repaid when the deal closes, as well as $125 million in debt that will remain in place.
Alberta Ferretti's "Rainbow Week" sweaters are back. The designer closed her #MFW show with a few day-of-the-week sweaters, which first debuted on the catwalk last January as part of the pre-fall 2017 collection. #wwdfashion (📷: @delphineachard)