Macy's announces $1 billion bond offering to repay credit facility
May 26, 2020 at 08:09 am EDT
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Macy's Inc said on Tuesday it planned to raise $1.1 billion in a bond offering, backed by a first mortgage on some of its properties, to repay funds borrowed under a revolving credit facility.
The department store chain drew down a $1.5 billion credit facility in March as it had to temporarily close stores and limit its business to its app and website due to the COVID-19 pandemic.
A number of U.S. companies are also pledging their assets and properties to raise money and clear debt as businesses reopen after a long government mandated lockdown.
The senior secured notes are due 2025, Macy's said.
(Reporting by Nivedita Balu in Bengaluru; Editing by Anil D'Silva)
Macy's, Inc. is an omni-channel retail company. The Company operates stores, websites and mobile applications under three brands, Macy's, Bloomingdale's and Bluemercury, which sell a range of merchandise, including apparel and accessories (men's, women's and kids'), cosmetics, home furnishings and other consumer goods. The Company has stores in 43 states, the District of Columbia, Puerto Rico and Guam. Its operations are conducted through Macy's, Macy's Backstage, Macy's small format, Bloomingdale's, Bloomingdale's The Outlet, Bloomie's, and Bluemercury. In addition, Bloomingdale's in Dubai, United Arab Emirates and Al Zahra, Kuwait are operated under a license agreement with Al Tayer Insignia. The principal private label brands offered by the Company include Alfani, And Now This, Aqua, Bar III, Belgique, Cerulean 6, Charter Club, Club Room, Epic Threads, Family PJ's, first impressions, Giani Bernini, Holiday Lane, Home Design, Hotel Collection, Hudson Park, Ideology, and others.
MACY'S, INC. 
