Macy’s, Inc. Prices $500 Million of Five-Year Senior Notes

December 7, 2015 | By Business Wire News

CINCINNATI

Macy’s, Inc. (NYSE:M) today announced the pricing of the public offering of $500 million aggregate principal amount of senior notes due 2021 by its wholly owned subsidiary, Macy’s Retail Holdings, Inc. The senior notes were issued at a price of 99.899% of par and will bear interest at a rate of 3.450% 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, subject to customary closing conditions, on or about December 10, 2015.

Macy’s Retail Holdings will use the net proceeds for general corporate purposes, which may include working capital, capital expenditures, retirement of indebtedness (which may include our 7.45% senior debentures that mature on October 15, 2016, and our 5.90% senior notes that mature on Dec. 1, 2016) and repurchasing outstanding common stock of Macy’s, Inc. Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated are acting as joint book-running managers. Jones Day is acting as counsel to Macy’s, Inc. and Macy’s Retail Holdings.

Copies of the prospectus and prospectus supplement relating to the senior notes may be obtained for free by visiting EDGAR on the SEC website at http://www.sec.gov. Alternatively, copies of the prospectus and prospectus supplement may be obtained from any of the joint book-running managers by contacting Credit Suisse Securities (USA) LLC at 1-800-221-1037, J.P. Morgan Securities LLC collect at 1-212-834-4533 or Merrill Lynch, Pierce, Fenner & Smith Incorporated at 1-800-294-1322.

Macy’s, Inc., with corporate offices in Cincinnati and New York, is one of the nation’s premier retailers, with fiscal 2014 sales of $28.015 billion. The company operates about 900 stores in 45 states, the District of Columbia, Guam and Puerto Rico under the names of Macy’s, Bloomingdale’s, Bloomingdale’s Outlet, Macy’s Backstage and Bluemercury, as well as the macys.com, bloomingdales.com and bluemercury.com websites. Bloomingdale’s in Dubai is operated by Al Tayer Group LLC under a license agreement.

All statements in this press release that are not statements of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based upon the current beliefs and expectations of Macy’s management and are subject to significant risks and uncertainties. Actual results could differ materially from those expressed in or implied by the forward-looking statements contained in this release because of a variety of factors, including conditions to, or changes in the timing of, proposed transactions, changes in the conditions of the securities markets, particularly the markets for debt securities and other factors identified in documents filed by Macy’s with the Securities and Exchange Commission.

(NOTE: Additional information on Macy’s, Inc., including past news releases, is available at www.macysinc.com/pressroom).