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MarketScreener Homepage  >  Equities  >  Nyse  >  Macy's    M

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Macy's : Refinancing Plans

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05/27/2020 | 08:26am EDT

Macy's, Inc. today announced the offering of $1.1 billion of senior secured notes, which will mature in 2025. We intend to use these notes, along with cash on hand, to repay the borrowings under our current $1.5 billion credit facility. The notes will be secured by certain real estate assets, including three iconic urban properties - Downtown Brooklyn, Union Square and State Street - 35 stores located in select malls and 10 distribution centers.

In connection with this bond offering, we anticipate that we will also enter into an asset-based credit facility. Upon closing of the credit facility, we expect to have approximately $3 billion of revolving credit commitments, including a $300 million revolving bridge credit facility that will mature at the end of the 2020 calendar year. The credit facility will be backed by the majority of our owned inventory and will mature in 2024.

Upon the completion of the bond offering, as well as our entry into the credit facility, we expect to have more than sufficient liquidity to fund our operations and retire upcoming debt maturities in fiscal 2020 and fiscal 2021.

(C) 2020 Electronic News Publishing, source ENP Newswire

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Financials (USD)
Sales 2021 17 286 M - -
Net income 2021 -4 404 M - -
Net Debt 2021 4 983 M - -
P/E ratio 2021 -0,47x
Yield 2021 5,72%
Capitalization 2 050 M 2 050 M -
EV / Sales 2020
EV / Sales 2021 0,41x
Nbr of Employees 123 000
Free-Float 91,8%
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Mean consensus UNDERPERFORM
Number of Analysts 19
Average target price 7,31 $
Last Close Price 6,61 $
Spread / Highest target 166%
Spread / Average Target 10,5%
Spread / Lowest Target -54,6%
EPS Revisions
Managers
NameTitle
Jeffrey Gennette Chairman & Chief Executive Officer
John T. Harper Chief Operating Officer & Executive Vice President
Felicia Williams Chief Financial Officer
Naveen Krishna Chief Technology Officer
Sara L. Levinson Independent Director
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