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UPDATE 1-Neiman Marcus seeks replacement credit line

Fri Jun 12, 2009 3:14pm EDT

* Negotiating for a replacement credit line

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* Talks for $500 mln limit, expiry date early 2013

NEW YORK, June 12 (Reuters) - Neiman Marcus Group Inc [NMRCUS.UL] 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] (Reporting by Aarthi Sivaraman, editing by Gerald E. McCormick)

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