New Issue: Macy's Retail prices $650 million 7.875% seven-year notes at Treasuries plus 408 bps

By Andrea Heisinger

Omaha, June 23 - Macy's Retail Holdings, Inc. priced $650 million 7.875% seven-year senior notes on Monday to yield Treasuries plus 408 basis points, according to market sources and a press release.

The notes (Baa3/BBB-/BBB-) priced at 99.911 to yield 7.89%. They have a make-whole redemption option of Treasuries plus 60 bps.

Bookrunners were Banc of America Securities LLC, Credit Suisse Securities and J.P. Morgan Securities Inc.

Co-managers were Citigroup Global Markets Inc., Piper Jaffray & Co., Wells Fargo Securities, LLC, BNY Mellon Capital Markets, LLC, Fifth Third Securities, Inc., PNC Capital Markets LLC and Loop Capital Markets, LLC.

Proceeds will be used for general corporate purposes, including payment of amounts due on two series of senior notes.

The subsidiary of Macy's Inc. is based in Cincinnati.

Issuer:	Macy's Retail Holdings, Inc.
Issue:	Senior notes
Amount:	$650 million
Maturity:	July 15, 2015
Bookrunners:	Banc of America Securities LLC, Credit Suisse Securities, J.P. Morgan Securities Inc.
Co-managers:	Citigroup Global Markets Inc., Piper Jaffray & Co., Wells Fargo Securities, LLC, BNY Mellon Capital Markets, LLC, Fifth Third Securities, Inc., PNC Capital Markets LLC, Loop Capital Markets, LLC
Coupon:	7.875%
Price:	99.911
Yield:	7.89%
Spread:	Treasuries plus 408 bps
Call:	Make-whole at Treasuries plus 60 bps
Trade date:	June 23
Settlement date:	June 26
Ratings:	Moody's: Baa3
	Standard & Poor's: BBB-
	Fitch: BBB-

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.