Neiman Marcus Group said it plans to sell $1.56 billion in bonds to help pay for its $6 billion buyout by Ares Management and the Canada Pension Plan Investment Board.
Subject to market conditions, the company said it plans to “launch a private placement of $960 million principal amount senior cash pay notes due 2021 and $600 million senior [payment-in-kind] toggle notes due 2021.” The toggle notes allow Neiman’s to make payments on that debt in either cash or additional notes.
Neiman’s also plans to take on a $2.95 billion term loan to fund the deal.
All together, the buyout is expected to boost Neiman’s debt to $4.6 billion from $2.7 billion. Ares and the pension fund plan to cover a quarter of the purchase price themselves.
The retailer is also taking on an $800 million senior secured asset-based revolving credit facility, which will help it maintain its liquidity.
Etro’s show, titled “The Tree of Life,” was a celebration of the house’s 50th anniversary. “My father founded the company in 1968, which was the year of counterculture and psychedelia. It’s really a show that celebrates that and the paisley design of India and its origin,” said Veronica Etro. #wwdfashion #mfw #ss18 (📷: @delphineachard)
For @msgm’s spring 2018 show, creative director @massimogiorgetti said “Words, sounds, colors. Synthesis and therapy of a collection,” were the inspirations behind the collection, showing today. Read the rest of Milan spring 2018 inspirations on WWD.com. #mfw #wwdfashion #ss18
For her first solo album in over 10 years, Fergie tapped Carine Roitfeld, Mert and Marcus, Giovanni Bianco and more to create a fashion-focused video approach for the record, Double Dutchess. "Giovanni really helped me get back in touch with my tomboy side, my hardside," said the singer. #wwdeye #wwdfashion ( : @slovekinpics)
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