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Macy's struggles have truly paid off as the company had announced on Monday that they have raised close to $4.5 billion. A portion of that sum was accrued through a $3.15 billion asset-based credit agreement as well as $1.3 billion in senior secured notes. Macy's will be using the new financing to pay off its $1.5 billion in unsecured credit debt.

The company's future plans with this newest influx of funds include an increase in offerings as well as a tightening of prices. Macy's also has some plans for investment which nearly doubles the size of its credit facility. A result of this newly acquired wealth is the gradual reopening of some of the company's stores, beginning with a curbside pickup in New York City.

According to a statement given by 

Jeff Gennette, chairman, and chief executive officer of Macy’s, “With the closing of these financings, the company 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, resolving its accrued payables obligations, and repaying upcoming debt maturities in fiscal 2020 and fiscal 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,” continued Gennette. “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.”

About Macy’s, Inc.

Macy’s, Inc. (NYSE: M) is one of the nation’s premier omni-channel fashion retailers, with fiscal 2019 sales of $24.6 billion. The company comprises three retail brands, Macy’s, Bloomingdale’s and Bluemercury. Macy’s, Inc. is headquartered in New York, New York.

Information originally sourced from JCK.