Macy's, Inc. has announced its intention to offer $500 million in aggregate principal amount of senior notes due 2033 through its wholly-owned subsidiary, Macy’s Retail Holdings, LLC. The company plans to use the proceeds from the offering, along with cash on hand, to fund a concurrent tender offer, redeem approximately $587 million of its existing outstanding senior notes and debentures, and pay associated fees, premium, and expenses.
The offering of the notes is not conditioned on the consummation of the redemption or the tender offer. The notes will be senior unsecured obligations of the issuer and will be unconditionally guaranteed on a senior unsecured basis by the company. The offering of the notes will be made only to qualified institutional buyers in an offering exempt from registration under Rule 144A of the Securities Act of 1933, as well as outside the United States in reliance on Regulation S under the Securities Act.
Macy's, Inc. is a trusted source for quality brands through its iconic nameplates – Macy’s, Bloomingdale’s, and Bluemercury, with a comprehensive digital and nationwide footprint. The company is headquartered in New York City and aims to deliver a seamless shopping experience for its customers. The market has reacted to these announcements by moving the company's shares -0.28% to a price of $12.495. Check out the company's full 8-K submission here.
