Macy's Inc. (M) said Tuesday it is planning to issue $500 million of 8-year bonds, joining the many companies raising capital during the pandemic. The proceeds will be used together with cash on hand to fund a tender offer and for general corporate purposes, which may include repaying debt. Companies have been raising capital at record levels in recent months. On Monday, roughly a dozen companies, ( ) including beauty and fragrance giant Estée Lauder Cos. (EL) and Keurig Dr Pepper Inc. (KDP), announced bond deals, as Treasury yields took a breather from their recent sharp rise. Macy's shares were up 0.7% premarket and have gained 18% in the last 12 months, while the S&P 500 has gained 26%.
-Ciara Linnane; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
March 02, 2021 07:37 ET (12:37 GMT)
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