Macy's repurchases $500 million in notes, debentures for $526 million

By Devika Patel

Knoxville, Tenn., March 31 - Macy's, Inc. said it repurchased $500 million of its senior notes and debentures in the open market since Jan. 30 for a total cost of about $526 million.

As a result of this, Macy's has booked $27 million in premium and fees to interest expense in the first quarter of 2010, which the company expects will be offset during fiscal 2010 by reduced interest expense on the repurchased debt. In addition, the company expects net interest expense to be reduced by approximately $15 million in fiscal 2011.

Macy's operates department stores and has corporate offices in Cincinnati and New York.

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