Tuesday, 26 May 2020

Macy's announces $1 billion bond offering to repay credit facility




Macy's Inc said on Tuesday it planned to raise $1.1 billion (£893.36 million) in a bond offering, backed by the 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.

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