Macy’s, Inc. Prices $550.0 Million of 20-Year Senior Notes
14 November 2014 - 8:12AM
Business Wire
Macy’s, Inc. (NYSE:M) today announced the pricing of the public
offering of $550.0 million aggregate principal amount of senior
notes due 2034 by its wholly owned subsidiary, Macy's Retail
Holdings, Inc. The senior notes were issued at a price of 98.940%
of par and will bear interest at a rate of 4.500% per annum. The
senior notes will be fully and unconditionally guaranteed on a
senior unsecured basis by Macy's, Inc. The transaction is expected
to close, subject to customary closing conditions, on or about
November 18, 2014.
Macy’s Retail Holdings will use the net proceeds for general
corporate purposes, which may include working capital, capital
expenditures, retirement of indebtedness (which may include its
7.50% senior debentures due 2015, which mature on June 1, 2015, and
its 7.875% senior notes due 2015, which mature on July 15, 2015)
and repurchasing outstanding common stock of Macy’s, Inc.
Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC
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.
Copies of the prospectus and prospectus supplement relating to
the senior notes may be obtained for free by visiting EDGAR on the
SEC website at http://www.sec.gov. Alternatively, copies of the
prospectus and prospectus supplement may be obtained from any of
the joint book-running managers by contacting Credit Suisse
Securities (USA) LLC at 1-800-221-1037, J.P. Morgan Securities LLC
collect at 1-212-834-4533 or Merrill Lynch, Pierce, Fenner &
Smith Incorporated at 1-800-294-1322.
Macy’s, Inc., with corporate offices in Cincinnati and New York,
is one of the nation’s premier retailers, with fiscal 2013 sales of
$27.9 billion. The company operates about 840 department stores in
45 states, the District of Columbia, Guam and Puerto Rico under the
names of Macy’s and Bloomingdale’s, as well as the macys.com and
bloomingdales.com websites. The company also operates 13
Bloomingdale’s Outlet stores. Bloomingdale’s in Dubai is operated
by Al Tayer Group LLC under a license agreement.
All statements in this press release that are not statements of
historical fact are forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Such
statements are based upon the current beliefs and expectations of
Macy’s management and are subject to significant risks and
uncertainties. Actual results could differ materially from those
expressed in or implied by the forward-looking statements contained
in this release because of a variety of factors, including
conditions to, or changes in the timing of, proposed transactions,
changes in the conditions of the securities markets, particularly
the markets for debt securities and other factors identified in
documents filed by Macy’s with the Securities and Exchange
Commission.
(NOTE: Additional information on Macy’s, Inc., including past
news releases, is available at www.macysinc.com/pressroom).
Macy’s, Inc.Media:Jim Sluzewski, 513-579-7764orInvestor:Matt
Stautberg, 513-579-7780
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