Macy's looks to raise $1.1 billion in bond offering as the pandemic ravages its business

REUTERS/Andrew Kelly

• Macy's plans to raise $1.1 billion in a bond offering, backed by a first mortgage on some of its properties, to repay funds borrowed under a revolving credit facility.
• The department store chain drew down a $1.5 billion credit facility in March as it had to temporarily close stores and limit its business to its app and website due to the COVID-19 pandemic.
• Earlier this month, the company said it that it is expecting sales to fall by as much as 45% during the first quarter of the year and is forecasting a $1 billion loss during this time. 
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Macy's said on Tuesday it planned to raise $1.1 billion in a bond offering, backed by a first mortgage on some of its properties, to repay funds borrowed under a revolving credit facility.

The department store chain drew down a $1.5 billion credit facility in March as it had to temporarily close stores and limit its business to its app and website due to the COVID-19 pandemic.

See the rest of the story at Business Insider

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