Macy’s begins cash tender offer for six series of second-lien notes

By Rebecca Melvin

Concord, N.H., Feb. 25 – Macy’s, Inc. announced a call to purchase for cash any and all of six series of second-lien notes issued by wholly owned subsidiary Macy’s Retail Holdings LLC, according to an 8-K filing with the Securities and Exchange Commission and company press release on Friday.

The offer will expire at 5 p.m. ET on March 7 unless extended and is not conditioned on a minimum principal tender amount of any of the series, which include:

• 6.65% senior secured debentures due 2024;

• 6.7% senior secured debentures due 2028;

• 8.75% senior secured debentures due 2029;

• 7.875% senior secured debentures due 2030;

• 6.9% senior secured debentures due 2032; and

• 6.7% senior secured debentures due 2034.

The notes will be repurchased for par plus accrued interest.

The offer constitutes a collateral offer under the indenture governing the notes, which obtained investment-grade status on Feb. 22. The liens on the collateral securing the second-lien notes that remain outstanding after the offer will be released and no longer secure the second-lien notes.

U.S. Bank NA (800 934-6802; cts.specfinance@usbank.com) is acting as depositary for the offer. Questions may be directed to the depositary or to Macy’s (212 494-1621; michael.mcguire@macys.com). The offer to purchase may be accessed at www.macysinc.com/collateral-offer/.

The retail chain company is based in Columbus, Ohio.

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