Macy’s Retail Holdings $850 million senior notes offering
The high-yield notes are due 2030 and 2032
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 $425 million aggregate principal amount of its 5.875% senior notes due 2030 and $425 million aggregate principal amount of its 6.125% senior notes due 2032. Each of the notes are senior unsecured obligations of MRH and are unconditionally guaranteed on a senior unsecured basis by Macy’s, Inc.
Macy’s, Inc. is one of the nation’s premier omni-channel fashion retailers, with fiscal 2020 sales of $17.3 billion. The company comprises three retail brands, Macy’s, Bloomingdale’s and Bluemercury. Macy’s, Inc. is headquartered in New York, New York.
The Davis Polk capital markets team included partners Michael Kaplan and Marcel Fausten, counsel Stephen A. Byeff and associate Tianwei Liu. The real estate team included counsel Susan D. Kennedy and associate Paulina Gordon. The tax team included counsel Alon Gurfinkel and associate Veronica Davis. The environmental team included counsel Loyti Cheng. Members of the Davis Polk team are based in the New York and London offices.