Macy's, Inc. (M) has announced the early tender results of a cash tender offer launched by its subsidiary, Macy's Retail Holdings, LLC, to purchase select outstanding notes and debentures.
The company increased the total purchase amount from $175 million to $250 million (excluding interest, fees, and expenses), due to strong early participation.
The offer, described in the July 14, 2025, Offer to Purchase, prioritizes acceptance based on a defined order and is subject to certain conditions, including successful completion of a separate new senior notes offering (the "Financing Condition").
As of the July 25 early tender deadline, the total value of notes validly tendered surpassed the $250 million cap. Macy's confirmed that all early tenders will be accepted for the 6.790% Senior Debentures due 2027, the 7.875% Senior Debentures due 2030, and the 7.875% Senior Exchanged Debentures due 2030. Additionally, a prorated $223.88 million of the 5.875% Senior Notes due 2030 will also be accepted for purchase on the July 29 settlement date.
No tenders made after July 25 will be accepted, and any unaccepted securities will be promptly returned to holders.
Accepted holders will receive the full tender offer consideration, including a $30 early tender premium per $1,000 principal, plus accrued and unpaid interest up to, but not including, the settlement date.
Proceeds from the new note offering, along with existing cash, will fund the repurchase and redemption of approximately $587 million in other senior securities and related costs.
M currently trades at $13.46 or 2.91% higher on the NYSE.
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