Macy’s are hoping to raise $1.1b (£900m) in a property-backed bond offering, to help it through the coronavirus pandemic. The US department store chain will use the proceeds of the bond sale to repay funds borrowed under a revolving credit facility. It will issue senior notes, set to mature in 2025, that will be secured by 35 stores and 10 distribution centres.
The bond offering is subject to it entering into a $3bn (£2.45bn) revolving credit facility, which includes a $300m (£244m) bridge credit facility expiring at the end of 2020. The revolving credit facility, scheduled to mature in 2024, will be backed by inventory owned by Macy’s.
