Macy’s
American department store chain Macy’s, Inc. has raised approximately $4.5 billion of new financing, including its previously announced $1.3 billion of 8.375% senior secured notes, as well as a new $3.15 billion asset-based credit agreement.
With the closing of these financings, Macy’s expects to have sufficient liquidity to address the needs of the business, including funding operations and the purchase of new inventory for upcoming merchandising seasons. This will help in resolving its accrued payables obligations and repaying upcoming debt maturities in 2020 and 2021.
“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. 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. Together, the notes offering and asset-based credit agreement provide Macy’s, Inc. with approximately $4.5 billion of borrowings and commitments, giving us sufficient flexibility and liquidity to navigate our current environment and fund our business for the foreseeable future,” said Jeff Gennette, chairman and chief executive officer of Macy’s, Inc.
“Combined with our ongoing Polaris initiatives, we are confident this liquidity will ensure Macy’s, Inc. remains a strong company to work for, invest in and partner with,” he added.
For all the latest retail news from the Middle East, follow us on Twitter and LinkedIn, like us on Facebook and subscribe to our YouTube page.
Watsons to open 20 new stores in the GCC
In 2020, global health & beauty retailer AS Watson Group signed its
April 29, 2024 | By Rupkatha BAsda and Deliverect Deepen Partnership to Power Rapid Delivery Across Asda Express
SQUATWOLF’s Kuwait Flagship Store Anchors Its Regional Growth Ambitions
Global beauty icon Ulta Beauty to make Riyadh debut at Panorama Mall
/ 
For decades, Haldiram’s built deep recall across the UAE through its packaged
When House of Habanero opened its first physical location at Alserkal Avenue
Union Coop has completed a significant expansion of its Hatta Souq branch,
Saudi Arabia is set to welcome U.S. food exporters this week, as
Majid Al Futtaim has officially entered the discount retail segment with the
As convenience increasingly becomes currency in the region’s grocery landscape, Union Coop
As wellness becomes a lifestyle in the UAE, the grocery aisle is
Grandiose, one of the leading grocery retailers in the UAE with a
With shifting consumer behaviour, rising cost pressures, regulatory changes, and rapid digitization,
Union Coop’s blend of retail expansion, digital innovation, and community focus is
Abu Dhabi-based MAIR Group has marked a pivotal stage in its transformation
In a move that blurs the line between shopping and investing, Apparel
/ 
Why cinemas, wellness sanctuaries and cultural districts are becoming emotional infrastructure for
In a retail landscape dominated by shelves stacked with finished products, Oo
Pure Gold Jewellers, one of the region’s leading jewellery retail brands, today
Ulta Beauty’s arrival in the Middle East is not simply another international
European denim powerhouse JACK & JONES is making a decisive return to
From bullion to boutiques, investment to immersion, Dubai Gold District marks a
The opening of New Balance’s first-ever Grey store in the Middle East
LOJEL, the global brand celebrated for its design-forward luggage and everyday carry
As lives accelerate and time fragments, shoppers no longer separate “eating” from
As youth culture reshapes the global retail playbook, Majid Al Futtaim is
Previous Article
