Macy’s Inc. is stepping up share buybacks and other investments after revising its debt structure and paying down some of its debt on the back of strong earnings.
The New York-based department-store chain, which raised $4.5 billion in June 2020 to help fund its strained operations, in the coming weeks expects to refinance $850 million in bonds. It also intends to pay down another $280 million in debt.
The new senior notes, which were offered in two tranches, will mature in 2030 and 2032, leaving Macy’s with no significant maturities—apart from $6 million coming due in 2025—until 2027, when it needs to repay $71 million in debt with a 6.79% interest rate.
Adrian Mitchell, chief financial officer of Macy’s
Photo:
…
