---
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"
generated_at: "2026-05-23T18:42:25.601039+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

# Macy's refinances ABL credit facility: reduces from $3.0B to $2.1B, extends maturity to April 2030

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: debt
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000794367-25-000087
- JSON: https://secwatch.observer/filing/0000794367-25-000087.json
- Plain text: https://secwatch.observer/filing/0000794367-25-000087.txt

## Key facts
- Debt Financings
  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
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/794367/000079436725000087/0000794367-25-000087-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.