Macy's begins tender offer for 6.3%, 4.8% notes

By Angela McDaniels

Tacoma, Wash., Feb. 2 - Macy's, Inc. said its wholly owned subsidiary, Macy's Retail Holdings, Inc., has begun a tender offer to purchase any and all of its $350 million 6.3% senior notes due April 1, 2009 and $600 million 4.8% senior notes due July 15, 2009.

The company is offering par plus accrued interest up to but excluding the payment date, which is expected to be Feb. 11.

The offer will expire at 5 p.m. ET on Feb. 10, according to a company news release.

The company said the purpose of the offer is to reduce interest expense in 2009.

Banc of America Securities LLC (888 292-0070) is the coordinating dealer manager, and Credit Suisse Securities (USA) LLC (800 820-1653) and J.P. Morgan Securities Inc. (866 834-4666) are the dealer managers. Global Bondholder Services Corp. (866 470-4200 or 212 430-3774) is the information agent and depositary.

Macy's operates department stores and has corporate offices in Cincinnati and New York.

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