- Teavana president joins Starbucks board
- Finish Line Q1 profit doubles; sales boosted by online and in-store Macy’s shops
- Judge rules J.C. Penney 'interfered' in Macy’s/Martha Stewart deal; damages pending
- Macy’s promotes head merchant to president
- Workers at Macy’s store in Massachusetts can unionize
Cincinnati -- Macy’s has entered into a $1.5 billion bank credit agreement that will mature on June 20, 2015. It replaces a previous $2 billion facility, which was set to mature on August 30, 2012. Joint lead arrangers for the new agreement are J. P. Morgan, Bank of America Merrill Lynch, Credit Suisse, U.S. Bank and Wells Fargo.
"Because of our strong cash flow and improved balance sheet, we were able to enter into a bank agreement with more favorable terms and pricing. We were also able to reduce the size of our credit facility given our current and anticipated needs,” said Karen M. Hoguet, CFO of Macy’s.
The company now expects its interest expense in 2011 will be approximately $442 million, which compares with previous guidance of approximately $450 million.