Why Macy's Stock Is Rising Today
Shares of Macy's (NYSE: M) are moving higher today, up about 8.1% as of 10:15 a.m., after the company announced a refinancing plan that includes a $1.1 billion secured note offering and a new $3 billion line of credit.
Macy's said that it is offering $1.1 billion in senior notes secured by some of its real estate assets, including three New York City properties, 35 mall stores, and 10 of its distribution centers. Macy's will use the proceeds of the notes, which mature in 2025, along with some of its cash on hand to pay off its current $1.5 billion line of credit.
Macy's had reopened about 270 of its U.S. stores as of last Friday. Image source: Macy's.
Source Fool.com
