The high-yield notes are due 2033

Davis Polk advised the representative of the initial purchasers in a Rule 144A / Regulation S offering by Macy’s Retail Holdings, LLC (MRH), a wholly owned subsidiary of Macy’s, Inc., of $500 million aggregate principal amount of its 7.375% senior notes due 2033. The notes are senior unsecured obligations of MRH and are unconditionally guaranteed on a senior unsecured basis by Macy’s, Inc.

Davis Polk also advised the dealer managers in connection with MRH’s concurrent cash tender offers for an upsized combined aggregate purchase price of $250 million of certain series of outstanding notes. The net proceeds of the senior notes offering, together with cash on hand, were used to fund the tender offers and redeem certain other series of outstanding notes.

Macy’s is a trusted source for quality brands through its iconic nameplates – Macy’s, Bloomingdale’s and Bluemercury. Founded in 1830, Macy’s operates 679 store locations in addition to its digital sales channels, together generating $22.3 billion of net sales during fiscal 2024.

The Davis Polk capital markets team included partners Stephen A. Byeff and Michael Kaplan and associates Dylan H. Lojac, Kanger Jin, Hope Goimarac and Jean Koo. The real estate team included counsel Julie E. Dechen. The environmental team included counsel Loyti Cheng. The tax team included counsel Alon Gurfinkel and associate Alanna Phillips. Members of the Davis Polk team are based in the New York and London offices.

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