Macy’s Inc. announced that it is offering $1.1 billion aggregate principal amount of senior secured notes due 2025 in a private offering. Macy’s intends to use the net proceeds from the offering of the notes, along with cash on hand, to repay all amounts outstanding under its revolving credit facility.
The Notes will be issued by Macy’s and will be secured on a first-priority basis by a first mortgage/deed of trust in certain real property of subsidiaries of Macy’s. The closing of this offering is conditioned upon the closing of a new asset-based credit agreement.
Further details are available here.
