Macy's Upsizes Debt Tender Offer to $250M After Strong Early Results

Macy's, Inc. has increased the maximum amount in its cash tender offer for outstanding notes and debentures from $175 million to $250 million due to strong early investor participation. The early tender period ended with submissions exceeding the initial offer, leading Macy's to accept all tendered 6.790% Senior Debentures due 2027, all 7.875% Senior Debentures due 2030, and a prorated amount of the 5.875% Senior Notes due 2030. The early settlement date is scheduled for July 29, contingent on the completion of a new senior notes offering and other conditions. Proceeds from this new notes offering, combined with cash on hand, will be used to purchase tendered notes, redeem approximately $587 million in existing senior notes, and cover related expenses. This strategic move aims to optimize Macy's capital structure, reduce interest costs, and improve financial flexibility, though it depends on favorable market conditions and successful financing. Notes tendered after the early date will not be accepted, reflecting Macy's proactive debt management and commitment to maintaining a healthy balance sheet.