Macy's, Inc. (M): debt financing — Macy's refinances ABL credit facility: reduces from $3.0B to $2.1B, extends maturity to April 2030

Macy's, Inc.

Reduced asset-based credit facility from $3.0B to $2.1B; maturity extended from March 2027 to April 2030.
Facility remains undrawn; Macy's had $1.3B cash as of Feb 1, 2025, providing ample liquidity.
Lower commercial letter of credit and unused facility fees; accordion feature allows increase up to $1.75B additional.
Customary covenants include fixed charge coverage ratio of 1.00x if availability dips below thresholds.
Facility secured by inventory and equity of Macy's Inventory Funding LLC; Macy's Inventory Holdings LLC guarantees.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Macy's, Inc. amended revolving credit of $2.1 billion at adjusted SOFR (calculated to include a 0.10% credit adjustment spread) plus a ma maturing April 2030.

Instrument: revolving credit
Principal: $2.1 billion
Rate: adjusted SOFR (calculated to include a 0.10% credit adjustment spread) plus a ma
Maturity: April 2030
Event: amendment

Exact text from the filing

On April 9, 2025, Macy’s Inventory Funding LLC (the “ABL Borrower”), an indirect subsidiary of Macy’s, Inc. (“Macy’s”), and Macy’s Inventory Holdings LLC (the “ABL Parent”), a direct subsidiary of Macy’s and the direct parent of the ABL Borrower, entered into an amendment (the “Amendment”) to the credit agreement governing the existing $3.0 billion asset-based credit facility (the “Existing ABL Credit Facility”), which was set to expire in March 2027. The Amendment reduced the asset-based credit facility to $2.1 billion (the “Amended & Extended ABL Credit Facility”) and extended the maturity date to April 2030.

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Source: SEC EDGAR

accession 0000794367-25-000087

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