{"schema_version":"secwatch.filing_event.v1","accession":"0000794367-25-000087","form_type":"8-K","ticker":"M","cik":"0000794367","company_name":"Macy's, Inc.","filed_at":"2025-04-09T23:59:59+00:00","discovered_at":"2026-05-14T18:02:51.296085+00:00","generated_at":"2026-05-23T18:42:25.601039+00:00","sec_items":["1.01","2.03","9.01"],"event_type":"debt","sentiment":"neutral","materiality_score":0.55,"calibrated_materiality_score":0.55,"confidence":"high","headline":"Macy's refinances ABL credit facility: reduces from $3.0B to $2.1B, extends maturity to April 2030","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0000794367-25-000087","json":"https://secwatch.observer/filing/0000794367-25-000087.json","markdown":"https://secwatch.observer/filing/0000794367-25-000087.md","text":"https://secwatch.observer/filing/0000794367-25-000087.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/794367/000079436725000087/0000794367-25-000087-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/794367/000079436725000087/n-20250409.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-23T18:42:25.601039+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"480e3ff3c72d4652976498e496b2a39f2fe6ebf3","claim":"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.","evidence_excerpt":"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.","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/794367/000079436725000087/0000794367-25-000087-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"revolving credit"},{"label":"Principal","value":"$2.1 billion"},{"label":"Rate","value":"adjusted SOFR (calculated to include a 0.10% credit adjustment spread) plus a ma"},{"label":"Maturity","value":"April 2030"},{"label":"Event","value":"amendment"}],"fact_type":"debt_financing"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}