Macy's Inc. said Tuesday it is planning to offer $1.1 billion in senior secured notes that mature in 2025 in a private offering. Proceeds will be used along with cash on hand to repay the company's revolving credit facility. Shares were up 4% premarket but have fallen 69% in the year to date, while the S&P 500 has fallen 9%.

Moody's rating action reflects a base expected loss of 6.3% of the current pooled balance, compared to 3.5% at Moody's last review. Three loans, constituting 22.0% of the pool, have investment-grade structured credit assessments.

Target Chairman and CEO Brian Cornell weighs in on the state of the retailer amidst the coronavirus pandemic in a Yahoo Finance interview.

Macy's Inc. shares surged during the regular session Wednesday, in the largest percentage gain on record, according to Dow Jones Market Data. Macy's shares rose 19.6% Wednesday to close at $7.38. Wednesday's close was the stock's highest since March 13, 2020. Macy's stock has fallen 56% this year as the S&P 500 index has dropped 7.4%.

Macy's will use the proceeds from a $1.1 billion note sale, plus cash on hand, to repay a $1.5 billion revolving-credit facility.

Shares in Macy’s, Inc. (M) spiked 17% after the embattled U.S. department store chain said that its refinancing plans will generate “sufficient liquidity” to fund operations until at least fiscal 2021.Macy’s stock surged 17% to $6.11 in midday U.S. trading. As part of the refinancing plan, Macy’s plans to raise $1.1 billion in aggregate principal amount of senior secured notes due 2025. Proceeds of the sale, along with cash on hand, will be used to repay all of the outstanding amounts under its $1.5 billion revolving credit facility.The notes will be secured by a number of real estate assets, including three urban properties - Downtown Brooklyn, Union Square and State Street - and 35 stores located in select malls and 10 distribution centers.Once its credit facility is paid off, Macy’s will enter into a new $3 billion revolving credit line, including a $300 million revolving bridge credit facility that will mature at the end of 2020. The credit facility will be backed by the majority of Macy’s owned inventory and will mature in 2024.“Upon the completion of the bond offering, as well as our entry into the credit facility, we expect to have more than sufficient liquidity to fund our operations and retire upcoming debt maturities in fiscal 2020 and fiscal 2021,” Macy’s said in a statement.Macy’s share price nosedived 64% this year after government restrictions to contain the spread of the coronavirus pandemic forced the closure of all of the department chain’s stores and depressed retail sales.All of the 775 stores of the department chain had been closed since March 18 with some slowly reopening. In an effort to preserve cash, Macy’s had suspended its quarterly dividend, drawn down on its credit line, frozen both hiring and spending, stopped capital spending, canceled some orders and extended payment terms.Five-star analyst Paul Trussell at Deutsche Bank last week cut Macy’s price target to $5 from $7, citing the management’s expectations that Q2 EBITDA will likely be below Q1 and that margins could be worse. The analyst maintained a Hold rating on the stock.Overall, Wall Street analysts have a bearish stance on Macy’s stock. The Moderate Sell consensus is based on 7 Sell ratings and 3 Hold ratings. The $4.89 average price target implies 20% downside potential in the shares in the coming 12 months. (See Macy’s stock analysis on TipRanks). Related News: Beleaguered Hertz Sinks 36% In After-Market On Bankruptcy Protection Filing Starbucks Regains Almost Two-Thirds Of U.S. Same-Store Sales As Stores Reopen Foot Locker Earnings Miss On All Counts; Stock Down 6% In Pre-Market More recent articles from Smarter Analyst: * Billionaire Ackman Exits Berkshire Hathaway, Blackstone To Fund Opportunities * HBO Max Launches, But Not Yet Available on Amazon, Roku Platforms * Apple Snaps Up AI Startup Inductiv, As Analysts Boost PTs On Store Reopenings * Microsoft Seeks $2B Stake In India’s Jio Platforms- Report

The department store chain drew down a $1.5 billion credit facility in March as it had to temporarily close stores and limit its business to its app and website due to the COVID-19 pandemic. A number of U.S. companies are also pledging their assets and properties to raise money and clear debt as businesses reopen after a long government mandated lockdown.

Macy’s, Inc. (NYSE:M) (the "Company" or "Macy’s") announced today the pricing of an offering (the "Offering") of $1.3 billion aggregate principal amount of 8.375% senior secured notes due 2025 (the "Notes") in a private offering at an offering price of 100% of the principal amount thereof, which represents a $200 million increase in the previously announced size of the Offering. The Notes will be senior, secured obligations of the Company. The Notes will be secured on a first-priority basis by (i) a first mortgage/deed of trust in certain real property of subsidiaries of Macy’s that has been or will be transferred to subsidiaries of Macy’s Propco Holdings, LLC, a newly created direct, wholly-owned subsidiary of Macy’s ("Propco") and (ii) a pledge by Propco of the equity interests in its subsidiaries that own or will own such transferred real property (together, the "Collateral"). The Notes will be, jointly and severally, unconditionally guaranteed on a secured basis by Propco and its subsidiaries and unconditionally guaranteed on an unsecured basis by Macy’s Retail Holdings, Inc., a direct, wholly-owned subsidiary of Macy’s.

Shares of several upscale retail-chain operators were rising on Tuesday, on growing investor optimism after Macy's (NYSE: M) announced a significant refinancing deal. News that troubled department-store giant Macy's has secured a major refinancing deal seemed to be giving investors reason to bid up battered retail stocks on Tuesday.

Moody's Investors Service, ("Moody's") downgraded Macy's, Inc.'s ("Macy's") corporate family rating to Ba3 from Ba1. At the same time its probability of default rating was downgraded to Ba3-PD from Ba1-PD. The senior unsecured ratings at Macy's Inc., Macy's Retail Holdings, Inc. and May Department Stores Company (The) were also downgraded to B1 from Ba1.

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Rating Action: Moody's affirms nine and downgrades three classes of UBS 2013- C5. Global Credit Research- 22 May 2020. Approximately $1.15 billion of structured securities affected.

Shares of several brick-and-mortar retailers were trading higher on Wednesday morning as the broader market rallied for a second day on rising optimism about the post-pandemic economy. Designer Brands (NYSE: DBI) was up 5.2%. Gap (NYSE: GPS) was up 5.5%.

Would it be Thanksgiving without the parade down Broadway sponsored by Macy’s? Macy’s is no different. Macy’s owns many of its store locations and could have exited or de-emphasised its business model as a clothes merchant.

The global case tally from the coronavirus that causes COVID-19 climbed above 5.5 million on Tuesday, as the World Health Organization warned of the possibility of an immediate “second peak” in infections from the current wave, if countries and local governments ease measures to contain the spread too soon.

While Macy's (NYSE: M) preliminary quarterly forecast showed a huge decrease from 2019, the retailer still has a chance for improvement. The company has made all sorts of adjustments to stem the hemorrhaging of sales and recently announced it has named a new interim CFO. Current CFO Paula Price announced her departure in April and is set to leave on May 31.

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.

The department store wants to sell $1.1 billion of bonds backed by real-estate holdings, but it is just one step in a series of complex changes that mean investors should take extra caution.

Stock in Macy’s, Walt Disney, and Boeing gained ground as all three companies revealed responses to the coronavirus crisis.