Macy's 2013 senior notes to bear interest at rate of 5.875%
30 Aug '07
1 min read
Macy's Inc announced the pricing on August 28 of the public offering of $350 million aggregate principal amount of senior notes due 2013 by its wholly owned subsidiary, Macy's Retail Holdings Inc.
The 2013 senior notes will bear interest at a rate of 5.875 percent 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 on or about August 31, 2007, subject to market conditions and other factors. The net proceeds from the offering will be used by Macy's Retail Holdings to repay borrowings outstanding under its commercial paper facility incurred in connection with normal seasonal working capital needs and for general corporate purposes.
Banc of America Securities LLC, Credit Suisse Securities (USA) LLC and J.P. Morgan Securities Inc. are acting as joint book-running managers. Jones Day is acting as counsel to Macy's, Inc. and Macy's Retail Holdings.
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