Macy’s, Inc. (NYSE:M) today announced the pricing on August 28 of the public offering of $350 million aggregate principal amount of senior notes due 2013 by its wholly owned subsidiary, Macy’s Retail Holdings, Inc. The 2013 senior notes will bear interest at a rate of 5.875 percent per annum. The senior notes will be fully and unconditionally guaranteed on a senior unsecured basis by Macy’s, Inc. The transaction is expected to close on or about August 31, 2007, subject to market conditions and other factors. The net proceeds from the offering will be used by Macy’s Retail Holdings to repay borrowings outstanding under its commercial paper facility incurred in connection with normal seasonal working capital needs and for general corporate purposes.
Banc of America Securities LLC, Credit Suisse Securities (USA) LLC and J.P. Morgan Securities Inc. are acting as joint book-running managers. Jones Day is acting as counsel to Macy’s, Inc. and Macy’s Retail Holdings.
Copies of the prospectus and prospectus supplement relating to the senior notes may be obtained for free by visiting EDGAR on the SEC Web site at http://www.sec.gov. Alternatively, copies of the prospectus and prospectus supplement may be obtained from any of the joint book-running managers by contacting Banc of America Securities LLC at (800) 294-1322, Credit Suisse Securities (USA) LLC at (212) 325-2000 or J.P. Morgan Securities Inc. at (212) 834-4533.
Macy's, Inc., with corporate offices in Cincinnati and New York, is one of the nation's premier retailers, with fiscal 2006 sales of $27 billion. The company operates more than 850 department stores in 45 states, the District of Columbia, Guam and Puerto Rico under the names of Macy's and Bloomingdale's. The company also operates macys.com, bloomingdales.com and Bloomingdale's By Mail. Prior to June 1, 2007, Macy's, Inc. was known as Federated Department Stores, Inc. and Macy’s Retail Holdings, Inc. was known as Federated Retail Holdings, Inc.
All statements in this press release that are not statements of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based upon the current beliefs and expectations of Macy’s management and are subject to significant risks and uncertainties. Actual results could differ materially from those expressed in or implied by the forward-looking statements contained in this release because of a variety of factors, including conditions to, or changes in the timing of, proposed transactions, changes in the conditions of the securities markets, particularly the markets for debt securities and other factors identified in documents filed by Macy’s, Inc. with the Securities and Exchange Commission.
(NOTE: Additional information on Macy’s, Inc., including past news releases, is available at www.macysinc.com/pressroom)
Contacts:
Media - Jim Sluzewski,
513-579-7764
Investor - Susan Robinson, 513-579-7780