Macy's proposes $500M senior notes due 2033; launches $175M tender; redeems ~$587M

Macy's, Inc.

$500M senior notes due 2033 to be issued by Macy's Retail Holdings, guaranteed by Macy's, for tender/redemption/fees.
Tender offer to purchase up to $175M aggregate price of specific notes (6.79% due 2027, 7.875% due 2030, etc.); $30/$1,000 early premium.
Redemption of ~$587M of outstanding notes/debentures (including 6.7% due 2028, 5.875% due 2029, 8.75% due 2029) conditional on note offering.
Redemption dates: July 29, 2025 (three series) and August 28, 2025 (four series); tender offer expires Aug 11, 2025.

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