Macy's Raises $500 Million Through Notes Offering

Macy's has priced a $500 million notes offering. The company operates stores, websites, and mobile applications under three brands, Macy's, Bloomingdale's, and Bluemercury, offering a range of merchandise including apparel, cosmetics, home furnishings, and other consumer goods. Macy's has stores in 43 states, the District of Columbia, Puerto Rico, and Guam, and operates through various formats such as Macy's, Macy's Backstage, Macy's small format, Bloomingdale's, and Bluemercury.

Macy’s, Inc. (NYSE: M) has priced a $500 million notes offering. The company, which operates under the brands Macy’s, Bloomingdale’s, and Bluemercury, offers a wide range of merchandise including apparel, cosmetics, home furnishings, and other consumer goods. With stores in 43 states, the District of Columbia, Puerto Rico, and Guam, Macy’s operates through various formats such as Macy’s, Macy’s Backstage, Macy’s small format, Bloomingdale’s, and Bluemercury [1].

The notes, due 2033, are senior unsecured obligations of Macy’s Retail Holdings, LLC, and are being offered in a private placement to qualified institutional buyers. The proceeds from the offering will be used to fund a concurrent tender offer, redeem approximately $587 million of existing senior notes, and cover associated fees and expenses. The tender offer is subject to the completion of the notes offering [2].

The notes offering is not conditioned on the consummation of the redemption or tender offer. However, the tender offer and redemption are conditioned on the completion of the notes offering. This press release does not constitute an offer to purchase, a solicitation of an offer to sell, or a notice with respect to any tender offer or redemption of any existing notes [1].

Macy’s expects to use the funds from the notes offering to strengthen its financial position and support its ongoing operations and growth plans. The company has a comprehensive digital and nationwide footprint, which empowers it to deliver a seamless shopping experience for its customers. Forward-looking statements regarding the notes offering and the expected use of proceeds are subject to significant risks and uncertainties, including the ability to complete the offering on favorable terms and general market conditions [1].

References:
[1] https://finance.yahoo.com/news/macy-inc-announces-proposed-offering-115400965.html
[2] https://finance.yahoo.com/news/macy-inc-announces-debt-tender-115600336.html