Macy’s, Inc. Offers $400 Million in Notes to Raise Capital

Macy's Inc.Cincinnati—In a move that would increase capital and reduce debt, Macy’s, Inc. announced Tuesday a $400 million public offering of 10-year senior unsecured notes due 2023 by its wholly-owned subsidiary, Macy’s Retail Holdings, Inc.

Macy’s Retail Holdings will use the net proceeds for “general corporate purposes, which may include working capital, capital expenditures, retirement of indebtedness and repurchasing outstanding common stock of Macy’s, Inc.”

The senior notes will be fully and unconditionally guaranteed on a senior unsecured basis by Macy’s, Inc. The transaction is expected to close Sept. 6.

Credit Suisse Securities USA, J.P. Morgan Securities and Merrill Lynch, Pierce, Fenner & Smith Incorporated are acting as joint book-running managers. Jones Day is acting as counsel to Macy’s, Inc. and Macy’s Retail Holdings.

Fitch Ratings assigned a “BBB” rating to the Macy’s Retail Holdings, Inc.’s proposed notes, citing the company’s “strong and growing market share of the department store sector, above-average operating margins, and the company’s ability to generate strong free cash flow.”


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