Macy's, Inc. has announced a debt tender offer through its wholly owned subsidiary, Macy's Retail Holdings, LLC. The offer aims to purchase up to $220 million in aggregate principal amount of its outstanding notes. The tender offer is prioritized by the level of acceptance, with the highest priority being level 1 and the lowest being level 7.
The company has listed various notes to be purchased, and the tender offer consideration ranges from $950 to $1,010 per $1,000 principal amount of notes, with additional early tender premiums ranging from $30 to $40 per $1,000 principal amount. The offer is set to expire on October 2, 2024, unless extended or terminated earlier.
Macy's, Inc. expects the early settlement date to be as early as September 19, 2024, and the final settlement date to be October 4, 2024, assuming the maximum tender offer amount is not purchased on the early settlement date. The company notes that no tenders will be valid if submitted after the expiration date.
The tender offer is not conditioned upon any minimum amount of notes being tendered, and the company reserves the right to amend, extend, or terminate the offer. The offer is subject to satisfaction or waiver of certain conditions as described in the offer to purchase.
Wells Fargo Securities, BofA Securities, US Bancorp, and UBS Investment Bank are serving as the dealer managers for the tender offer, while Global Bondholder Services Corporation is acting as the tender agent and information agent.
It's important to note that this press release is neither an offer to purchase nor a solicitation of an offer to sell the notes. The tender offer is made only by the offer to purchase, and the information in the press release is qualified by reference to the offer to purchase.
As a result of these announcements, the company's shares have moved -1.2% on the market, and are now trading at a price of $15.3. Check out the company's full 8-K submission here.
