Macy's Inc. Issues $500 Million in Senior Notes Due 2033

Macy's Retail Holdings, LLC, a wholly owned subsidiary of Macy's, Inc., has issued $500 million in aggregate principal amount of 7.375% senior notes due 2033 in a private offering. The notes were offered to qualified institutional buyers under Rule 144A and outside the United States under Regulation S. The proceeds from the offering, along with cash on hand, will be used to fund a tender offer for certain outstanding senior notes and debentures, redeem approximately $587 million of other outstanding senior notes and debentures, and pay related fees and expenses. The notes are senior unsecured obligations of Macy's Retail Holdings, LLC and are unconditionally guaranteed by Macy's, Inc. Interest on the notes accrues from July 29, 2025, and is payable semi-annually on February 1 and August 1 of each year, starting February 1, 2026. The notes mature on August 1, 2033, unless redeemed or repurchased earlier. The indenture governing the notes includes certain covenants that limit the issuer's ability to incur liens, enter into sale and leaseback transactions, and engage in mergers or consolidations.