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Neiman, Ascena Retail retreat as negativity toward retail continues; PODS revises deadline
By Sara Rosenberg
New York, May 12 – Neiman Marcus Group LLC and Ascena Retail Group Inc. saw their term loans head lower in the secondary market on Thursday as disappointing earnings results from other companies in the retail sector continued to weigh on the debt.
Kohl’s Corp. released weak first quarter results in the morning, according to traders. Kohl’s results came on the heels of Macy’s Inc.’s disappointing numbers on Wednesday and Gap Inc.’s uninspiring sales results on Monday.
Neiman saw its term loan quoted at 92½ bid, 93 offered, down from 93¼ bid, 93¾ offered on Wednesday and 94½ bid, 95¼ on Tuesday, traders said.
And, Ascena, a Mahwah, N.J.-based specialty retailer of clothing, shoes and accessories, saw its term loan quoted at 96½ bid, 97½ offered, versus 97 5/8 bid, 98 1/8 offered in the prior session, traders added.
Moving to the primary market, PODS LLC accelerated the commitment deadline for its incremental first-lien term loan and consent deadline for its amendment proposal, and MultiPlan Inc. came out with timing and structure on its buyout financing transaction.
PODS accelerated the deadline to noon ET on Friday from Tuesday for commitments for its $170 million add-on first-lien term loan B (B2/B) and for consents for its credit facility amendment, a market source said.
MultiPlan set a bank meeting for Monday to launch a $3.37 billion credit facility, according to a market source.
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