Nine West retains Lazard to address 2019 maturities

Nine West Holdings has retained Lazard as its investment banker to “proactively evaluate a long-term capital structure solution,” the company announced. Nine West has no near-term debt maturities, its next maturity date being 2019, and is in compliance with the indentures and agreements governing its debt facilities, the company said.

As of Dec. 31, liquidity was $160 million.

Ralph Schipani, interim CEO of Nine West Holdings, said the company will be working with Lazard to proactively address its 2019 debt maturities.

Nine West covenant-lite senior secured term debt due 2019 (L+375, 1% LIBOR floor) is currently quoted in the low 70s, while its unsecured term loan due 2020 (L+525, 1% floor) is marked at 26/29.

Nine West’s existing loans were syndicated in March 2014 to help support Sycamore Partners and KKR’s roughly $1.2 billion purchase of Jones Group, and the business has since been rebranded Nine West. The $445 million senior secured term loan was issued at 99.5, while the unsecured loan was issued at 99. Morgan Stanley is administrative agent.

The issuer is rated CCC/Caa3. The secured term loan is rated B–/Caa1, with a 1 recovery rating from S&P Global, while the unsecured loan is rated CCC–/Caa3, with a 5 recovery rating.

Nine West is a global designer, marketer, and wholesaler, with product expertise in apparel, footwear, jeans, jewelry, and handbags. — Staff reports

Try LCD for Free! News, analysis, data

Follow LCD News on Twitter.

This story first appeared on, an offering of S&P Global Market Intelligence. LCD’s subscription site offers complete news, analysis and data covering the global leveraged loan and high yield bond markets. You can learn more about LCD here.

Leave a Reply

Comments are moderated and will not appear until the admin has approved them.