Macy’s (NYSE: M) Soars as the Stores see Greater Demand than Expected

INNO

Shares of Macy’s department store soared today after the corporate commenting it has seen greater than expected demand in stores that have reopened. CNBC reported demand is averaging around 50% level compared to 2019.

TJX Companies, Ross Stores and Macy’s have recently commented about positive sales performance of recently re-opened stores.

Macy's stock is tanking because it put too many clothes on sale ...

Macy’s to offer $1.1 billion in senior secured notes due 2025

Macy’s Inc announced on Tuesday it is planning to offer $1.1billion in senior secured notes that mature in 2025 in a private offering. Proceeds will be used along with cash on hand to repay the company’s revolving credit facility. 

The Notes will be issued by Macy’s and will be secured on a first-priority basis by (i) a first mortgage/deed of trust in certain real property of subsidiaries of Macy’s that has been or will be transferred to subsidiaries of Macy’s Propco Holdings, LLC, a newly created direct, wholly-owned subsidiary of Macy’s (“Propco”) and (ii) a pledge by Propco of the equity interests in its subsidiaries that own or will own such transferred real property (together, the “Collateral”). The Notes will be, jointly and severally, unconditionally guaranteed on a secured basis by Propco and its subsidiaries and unconditionally guaranteed on an unsecured basis by Macy’s Retail Holdings, Inc., a direct, wholly-owned subsidiary of Macy’s, Inc. The closing of this offering is conditioned upon the closing of a new asset-based credit agreement.

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.

Full News Release

 

All posts made on this website are provided for information purposes only. None of the information here is intended as investment advice, as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any security, Company, or fund. Before making an investment decision, you should seek the advice of a qualified and registered securities professional. Candlr is not receiving payment or commissions from companies for shared content on Candlr website unless its specified. View full disclaimer HERE.

Forums Topics

Viewing 15 topics - 1 through 15 (of 69 total)
Viewing 15 topics - 1 through 15 (of 69 total)

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.