DALLAS, Texas — Neiman Marcus Group Inc. completed a $100 million first-in-last-out facility that it will use to pay down the company's revolver.

The luxury retailer plans to use proceeds from the facility, also known as a FILO, to reduce its revolving credit facility and create $100 million in liquidity the company can access in the future, according to people familiar with the terms. They asked not to be identified discussing a private matter.

Neiman Marcus confirmed the new facility.

“This transaction was contemplated in our debt refinancing at the time the amend-and-extend was announced in March, and reflected in the definitive documentation,” Neiman Marcus said in a statement sent to Bloomberg. “Credit markets are still robust, so we saw this as an opportune time to establish this facility,” access additional capital under the revolver and enhance liquidity, the company said.

Neiman Marcus is under pressure as shoppers go online instead of going to department stores. The retailer said same-store sales fell 1.5 percent in its fiscal third quarter from a year earlier, citing heavy promotional pricing and a slowdown for some of its top 50 brands. The company bought itself more time for a turnaround after it completed a debt exchange that extended the maturity dates.

Neiman’s term loan maturing in 2023 was quoted as much as 1 cent lower to 79 cents on the dollar after the news, according to people familiar with the pricing. The third-lien 2024 bonds also fell about half a cent to around 33 cents on the dollar, the people said.

By Katherine Doherty; editors: Rick Green, Nicole Bullock.