CINCINNATI–(BUSINESS WIRE)–Macy’s, Inc. (NYSE:M) today announced the pricing of the public offering
of $500 million aggregate principal amount of senior notes due 2021 by
its wholly owned subsidiary, Macy’s Retail Holdings, Inc. The senior
notes were issued at a price of 99.899% of par and will bear interest at
a rate of 3.450% 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 December 10, 2015.
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 our 7.45% senior
debentures that mature on October 15, 2016, and our 5.90% senior notes
that mature on Dec. 1, 2016) 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 2014 sales of $28.015
billion. The company operates about 900 stores in 45 states, the
District of Columbia, Guam and Puerto Rico under the names of Macy’s,
Bloomingdale’s, Bloomingdale’s Outlet, Macy’s Backstage and Bluemercury,
as well as the macys.com, bloomingdales.com and bluemercury.com
websites. 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
(NOTE: Additional information on Macy’s, Inc., including past news
releases, is available at www.macysinc.com/pressroom).
Media – Jim Sluzewski, 513-579-7764
– Matt Stautberg, 513-579-7780