Shares in Macy’s, Inc. (M) spiked 15% in Monday’s after-hours trading after the company announced the closing on approximately $4.5 billion of new financing.This included its previously announced $1.3 billion of 8.375% senior secured notes, as well as a new $3.15 billion asset-based credit agreement.In addition, the company has amended and substantially reduced the credit commitments of its existing $1.5 billion unsecured credit agreement. Macy’s intends to use the proceeds of the notes offering, along with cash on hand, to repay the outstanding borrowings under the existing $1.5 billion unsecured credit agreement.With the closing of these financings, M now expects …read more
Source:: Yahoo Finance
