UPDATE 1-Neiman Marcus seeks replacement credit line
Published: 14 Jun 2009 17:38:03 PST* Negotiating for a replacement credit line
* Talks for $500 mln limit, expiry date early 2013
NEW YORK, June 12 - Neiman Marcus Group Inc is in talks with potential lenders for a replacement credit line for its existing asset-based one, the upscale retailer said.
The current asset-based credit facility was set to expire Oct. 6, 2010 and terms of the replacement line were still uncertain, Neiman Marcus said in a U.S. Securities and Exchange Commission filing on Friday.
But, it added, a potential maximum borrowing limit of $500 million and early 2013 expiration were being discussed.
Earlier this week, Neiman posted a net loss of $3.1 million for its third quarter, versus a profit of $55.4 million a year earlier.
Sales fell almost 24 percent in the quarter for the company, which runs both its namesake and Bergdorf Goodman stores. ID:nN10385408
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