Financial Advisor

Duff & Phelps Advised the Board of Directors of Macy’s, Inc. and Macy’s Retail Holdings, Inc. on its Refinancing Transaction

Macy’s, Inc. (NYSE:M)
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Macy’s, Inc. (NYSE:M), has completed a refinancing transaction, raising approximately $4.5 billion of new financing, including an asset-based credit line and the issuance of senior secured notes

2020-06-22T00:00:00.0000000
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Bob Bartell
Robert A. Bartell, CFA
President, Corporate Finance
Corporate Finance and Restructuring
Chicago
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Jeff Gordon
Jeff Gordon
Managing Director
Fairness and Solvency Opinions
Chicago
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Keith Gray is a director at Duff & Phelps.
Keith Gray
Director
Fairness and Solvency Opinions
Chicago
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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.


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