Chain Store Age
Macy’s has started refinancing procedures expected to see it through fiscal 2021.
The department store giant, whose business has plunged amid the COVID-19 pandemic, announced the offering of $1.1 billion in secured notes, which mature in 2025. Macy’s said it intends to use the notes, along with cash on hand, to repay the borrowings under its current $1.5 billion credit facility.
The debt will be secured by some of Macy’s real estate assets, including the company’s stores in downtown Brooklyn, Union Square in San Francisco and State Street in Chicago, in addition to 35 mall-based stores and 10 distribution centers. The assets are valued at about $2.2 billion.. . . more