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Macy’s borrows all available amounts under $1.5 billion revolver
By Sara Rosenberg
New York, March 24 – Macy’s Inc. drew down the available amount under its $1.5 billion unsecured revolving credit facility due May 9, 2024, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.
The borrowing was made as a proactive measure to increase the company’s cash position and preserve financial flexibility in light of current uncertainty in the global markets resulting from the Covid-19 outbreak.
Bank of America is the administrative agent on the deal.
Macy’s is a New York-based department store chain.
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