The new financing will enable the department store to weather the pandemic.
Macy’s Inc. closed on $4.5 billion of new financing on Monday to fund operations, bring in fresh inventory, cover debt, resolve payables and otherwise enable the department store to weather the pandemic.
Macy’s on late Monday afternoon said it closed on its previously announced $1.3 billion of 8.375 percent senior secured notes, as well as on a new $3.15 billion asset-based credit agreement. “We are pleased with the strong demand from new investors in our notes issuance, which allowed us to tighten pricing and increase the size of the offering,” said Jeff Gennette, chairman and chief executive officer of Macy’s Inc. “The high quality of our real estate portfolio positioned us well to execute this offering. Additionally, the continued commitment from our bank group allowed us to more than double the size of our existing revolving credit facility.
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