In June 2020, Macy’s, Inc. (NYSE:M) (“Macy’s”), completed a refinancing transaction, resulting in approximately $4.5 billion of new financing through a combination of an asset-based credit line and the issuance of senior secured notes.
In an effort to increase liquidity and financial flexibility in the face of challenges resulting from COVID-19 pandemic, Macy’s raised $4.45 billion of new financing, including a $3.15 billion asset-based credit line secured by inventory and $1.3 billion of 8.375% senior notes secured by real estate. The proceeds from the note offering was used to pay the outstanding borrowings under its existing $1.5 billion unsecured credit agreement.
Duff & Phelps served as an independent financial advisor to the Board of Directors of Macy's and Macy's Retail Holdings, Inc., a subsidiary ("MRHI"), to determine the estimated enterprise value of MRHI before and after the giving effect to the consummation of the transaction, and provide certain determinations as to the solvency of MRHI in connection with the transaction. Reed Smith LLP served as legal counsel to Duff & Phelps.
About Macy’s, Inc.
Macy’s, Inc. (NYSE:M) is one of the nation’s premier omni-channel fashion retailers. The company comprises three retail brands, Macy’s, Bloomingdale’s and Bluemercury.
Private Capital Markets – Debt Advisory
Senior, subordinated and mezzanine debt and venture/private equity for a wide range of transactions.
Distressed M&A and Special Situations
Financial and operational solutions for distressed and special situations.
Fairness and Solvency Opinions
Independent opinions for boards of directors and special committees.
Transaction Advisory Services
Seamless analytical advisory through the deal continuum, from transaction origination to closing.
European Chemicals Update – Q4 2021
Insider Threat Indicators and Detection: When Employees Turn Ransomware Accomplices
The THIP Model: Embedding Emotional Intelligence in Third-Party Risk Management
Valuation Insights – Fourth Quarter 2021
Kroll Unifies Brand to Reflect Strategic Growth and Vision
Kroll Appoints David Lewis, Former Executive Secretary of the FATF, as a Managing Director to Lead its AML Advisory Practice
Who’s Who Legal Recognizes Six Kroll Professionals in the Fields of Financial Restructuring and Insolvency Worldwide
Prime Clerk, A Kroll Business, Welcomes Former Kirkland & Ellis Partner Brad Weiland to Its Team