On Tuesday, the department store said it planned to sell $1.1 billion in bonds due 2025 in a private offering that would allow it to repay outstanding borrowings under its revolving credit facility, according to a filing with the Securities and Exchange Commission.
In connection with the offering, the company also plans to enter into an asset-backed loan agreement with Bank of America that will give it a swingline sub-facility and a letter of credit sub-facility and a bridge revolving credit facility of up to $300 million. The loan will also have an accordion feature that expands the facility with an additional $750 million in borrowings.
Along the way, the operating company expects to migrate from a New York corporation to one based in Ohio.
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