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Macy's discloses pricing, early results of tender offer

Macy's Inc. on Dec. 11 disclosed the pricing and results as of the early tender date of its subsidiary Macy's Retail Holdings Inc.'s cash tender offer for up to $400 million of its outstanding debts.

Approximately $1.03 billion of notes were validly tendered and not validly withdrawn before the early tender date of 5 p.m. ET on Dec. 8.

The Ohio-based department operator said that $43 million of 8.75% senior debentures due 2029, $6.1 million of 7.875% senior debentures due 2030, $108.4 million of 6.7% senior debentures due 2034, $146.5 million of 6.9% senior debentures due 2032, $198 million of 6.375% senior notes due 2037, $171.9 million of 7.0% senior debentures due 2028, $267.3 million of 6.9% senior debentures due 2029, $61.3 million of 6.79% senior debentures due 2027, $18.9 million of 6.7% senior debentures due 2028, $3.9 million of 7.6% senior debentures due 2025 and $4.3 million of 10.25% senior debentures due 2021 were tendered.

Macy's is offering $1,195.99 per $1,000 of the 8.75% senior debentures due 2029; $1,126.76 per $1,000 of the 7.875% senior debentures due 2030; $1,014.66 per $1,000 of the 6.7% senior debentures due 2034; $1,068.47 per $1,000 of the 6.9% senior debentures due 2032; and $1,013.43 per $1,000 of the 6.375% senior notes due 2037.

The early payment date for the tender offers is expected to be Dec. 12. The payment of notes tendered before the early tender date includes accrued and unpaid interest on the notes from the last interest payment date for these securities up to, and not including, the early settlement date.

Because the value of notes tendered before the early tender date exceeded the maximum tender offer amount, Macy's will no longer accept for purchase any tenders of notes even though the offer is scheduled to expire Dec. 22.

BofA Merrill Lynch, Credit Suisse Securities (USA) LLC J.P. Morgan Securities LLC and Wells Fargo Securities LLC are the dealer managers for the tender offer. D.F. King & Co. Inc. is the tender agent and information agent.