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Macy's Signs New Bank Credit Agreement

Jun 20, 2011 9:27 AM   By Jeff Miller
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RAPAPORT... Macy's Inc. entered into a $1.5 billion bank credit agreement that will mature on June 20, 2015. The deal replaces a previous $2 billion facility, which was set to mature on August 30, 2012.

Under the new terms, Macy's now expects its interest expense in 2011 will be 1.8 percent lower than plan at $442 million. Joint lead arrangers were J. P.  Morgan, Bank of America Merrill Lynch, Credit Suisse, U.S. Bank and Wells Fargo.

"Because of our strong cash flow and improved balance sheet, we were able to enter into a bank agreement with more favorable terms and pricing. We were also able to reduce the size of our credit facility given our current and anticipated needs," said Karen M. Hoguet, chief financial officer of Macy's. "We continue to appreciate our long standing banking relationships and the ongoing support they provide."

Tags: agreement, credit, interest, Jeff Miller, loan, macy's
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