Soma Biswas

speaker

30 appearances 1 recordings 1 series first heard Jun 2019 last heard Jun 2019

Soma Biswas’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · IPO Market Could Be a Lifeline for Neiman Marcus, PetSmart · 13 Jun 2019 podcast

That's right, JR.

Neiman Marcus and PetSmart, they own a couple of thriving e-commerce platforms.

Neiman Marcus owns MyTeresa, and PetSmart has Chewy.com, which is the biggest online pet products retailer.

Exactly, yes.

MyTeresa is an international online luxury website.

So it's the reason why you probably haven't heard of them is that it's all pretty much all of it is outside the US.

So it's Europe, Middle East, Asia.

So the reason why these two companies need to sell IPO or sell stakes in PetSmart

in the kind of their best businesses, which are these e-commerce platforms, is really because they have a lot of debt.

And the fact that they have these really healthy, nice businesses that can raise some cash is a good way to raise cash to pay down some of that debt.

Now, what the owners, the private equity firms that own them have done is that they transferred some of the shares that were within these two companies, right?

They transferred it to like

different shell companies that are controlled more by the private equity firms that own PetSmart and Neiman Marcus.

And that was alarming to their creditors, to their bond and loan holders.

And it forced them to come to the negotiating table and try to figure out a deal that would benefit both the private equity firms and the bond and loan holders.

Well, I think it is new in the past, let's say, few years.

I think that companies have been able to be more aggressive with the kind of debt documents that they write when they launch debt offerings.

And that's what they've done.

And they've become more aggressive about their ability to strip off assets as permitted by their debt documents.

And that's

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