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

Reuters
·1 min read
FILE PHOTO: FILE PHOTO: The R.H. Macy and Co.flagship department store is seen in midtown New York

(Reuters) - Macy's Inc <M.N> said on Tuesday it planned to raise $1.1 billion (£893.36 million) in a bond offering, backed by a 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.

(Reporting by Nivedita Balu in Bengaluru; Editing by Anil D'Silva)