We advised the initial purchasers on the high-yield notes offering, concurrent tender offer and related consent solicitation

Davis Polk advised the representative of the initial purchasers in a Rule 144A / Regulation S offering by Macy’s Retail Holdings, LLC (“MRH”), a wholly owned subsidiary of Macy’s, Inc., of $500 million aggregate principal amount of its 5.875% senior notes due 2029. The notes are senior unsecured obligations of MRH and are unconditionally guaranteed on a senior unsecured basis by Macy’s, Inc.

Davis Polk also advised the dealer managers and solicitation agents in connection with MRH’s concurrent cash tender offer and related consent solicitation for certain series of outstanding notes, which was funded with the proceeds from the senior notes offering.

Macy’s, Inc. is one of the nation’s premier omni-channel fashion retailers, with fiscal 2019 sales of $24.6 billion. The company comprises three retail brands, Macy’s, Bloomingdale’s and Bluemercury. Macy’s, Inc. is headquartered in New York, New York.

The Davis Polk capital markets team included partners Michael Kaplan and Marcel Fausten and associates Stephen A. Byeff and Dylan H. Lojac. The real estate team included counsel Susan D. Kennedy and associate Jaclyn Katz. The tax team included counsel Alon Gurfinkel and associate Veronica Davis. The environmental team included counsel Loyti Cheng and associate Cristina Harshman. Members of the Davis Polk team are based in the New York and London offices.

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