(Reuters) – Macy’s Inc (N:) 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.
A number of U.S. companies are also pledging their assets and properties to raise money and clear debt as businesses reopen after a long government mandated lockdown.
The senior secured notes are due 2025, Macy’s said.
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