Macy's Inc said on Monday it raised a total of $4.5 billion, including $3.15 billion in new borrowings against its real estate assets, as the department store chain tries to navigate through the fallout from the COVID-19 pandemic.
FILE PHOTO: A shuttered Macy's store and empty parking lot are seen at the closed Palisades Center shopping mall during the coronavirus outbreak in West Nyack, New York, U.S., March 20, 2020. REUTERS/Mike Segar
- Macy’s Inc said on Monday it raised a total of $4.5 billion, including $3.15 billion in new borrowings against its real estate assets, as the department store chain tries to navigate through the fallout from the COVID-19 pandemic.“The high quality of our real estate portfolio positioned us well to execute this offering,” Chief Executive Officer Jeff Gennette said in a statement.
Gennette said the funding gives the retailer sufficient flexibility and liquidity to steer the business for the foreseeable future. The company said it would be able to purchase new inventory as stores reopen and repay upcoming debts in fiscal 2020 and 2021. Like other retailers, Macy’s has been severely impacted from store closures due to the coronavirus health crisis that forced governments to announce lockdowns to curb the spread of the infection.The funds from the offering and existing cash will be used to repay outstanding borrowings under an existing $1.5 billion unsecured credit agreement. The retailer said it has amended the $1.5 billion credit agreement to reduce the available credit commitment and modify the agreement’s covenants.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Macy's raises $4.5 billion, says it has 'sufficient liquidity' to weather pandemicMacy's on Monday afternoon announced it has closed on roughly $4.5 billion in new financing, including a previously announced $1.3 billion of debt, to help it weather the coronavirus pandemic.
Read more »
GE reopens parts of prior debt offerings to raise $3 billionGeneral Electric Co said on Monday it reopened portions of its prior debt offerings for $3 billion in total proceeds to boost its cash reserves amid the coronavirus crisis.
Read more »
Retail Sales Poised to Decline Over 10% This YearA slow recovery is expected, but consumers are expected to spend as stores reopen.
Read more »
How To Reopen Retail Stores And MallsMasks, social distancing, touchless payments and limited handling of merchandise.
Read more »
Bill Hader's Quotes About Being A Dad Are HilariousBill Hader knows the funny, gross and just plain weird sides of parenthood all too well.
Read more »
Boeing Stock Soars as U.S. ReopensBoeing shares have skyrocketed 58% so far this month as the aircraft maker rides a wave of investor optimism on the reopening of the U.S. economy and a revival in air travel.
Read more »