Macy’s, Inc. (NYSE: M) today announced the applicable Reference Yields and consideration payable with respect to the cash Tender Offer by its wholly owned subsidiary, Macy’s Retail Holdings, Inc., to purchase up to $700 million in aggregate principal amount of its outstanding Notes. The terms and conditions of the Tender Offer are described in an Offer to Purchase dated October 29, 2012 (the “Offer to Purchase”), as modified by Macy’s, Inc.’s press release dated November 13, 2012.
The applicable Total Tender Offer Consideration for each $1,000 in principal amount of Notes tendered and accepted for payment pursuant to the Tender Offer is based on the applicable Reference Yield plus a Fixed Spread, each as set forth in the table below. The Reference Yields were determined today at 2:00 p.m., New York City time, by the Dealer Managers. The Late Tender Offer Consideration, as set forth in the table below, is the applicable Total Tender Offer Consideration minus the applicable Early Tender Premium. In addition, all payments for Notes accepted for purchase in the Tender Offer will include accrued and unpaid interest on the principal amount tendered up to, but not including, the Settlement Date for the Tender Offer, which is currently expected to be November 28, 2012.
Title of Security
|Reference U.S. Treasury Security||Reference Yield||
Fixed Spread (basis points)
Total Tender Offer Consideration per $1,000 Principal Amount of Notes
Late Tender Offer Consideration per $1,000 Principal Amount of Notes
|314275AA6||5.90% Senior Notes due 2016||0.750% U.S. Treasury Note due October 31, 2017||0.623%||30||$1,195.41||$1,165.41|
|577778BF9||7.45% Debentures due 2016||0.750% U.S. Treasury Note due October 31, 2017||0.623%||60||$1,235.28||$1,205.28|
|577778AX1||7.50% Debentures due 2015||0.250% U.S. Treasury Note due October 15, 2015||0.328%||70||$1,159.86||$1,129.86|
|55616XAE7||7.875% Senior Notes due 2015||0.250% U.S. Treasury Note due October 15, 2015||0.328%||62||$1,179.53||$1,149.53|
Credit Suisse Securities (USA) LLC is the Coordinating Dealer Manager and BofA Merrill Lynch and J.P. Morgan Securities LLC are the other Dealer Managers for the Tender Offer. Global Bondholder Services Corporation is the Information Agent and the Depositary. This news release is neither an offer to purchase nor a solicitation of an offer to sell the Notes. The Tender Offer is made only by the Offer to Purchase and the information in this news release is qualified by reference to the Offer to Purchase and related Letter of Transmittal dated October 29, 2012. Persons with questions regarding the Tender Offer should contact Credit Suisse Securities (USA) LLC at (toll-free) (800) 820-1653, BofA Merrill Lynch at (toll-free) (888) 292-0070 and J.P. Morgan Securities LLC at (toll-free) (866) 834-4666. Requests for copies of the Offer to Purchase, Letter of Transmittal and related materials should be directed to Global Bondholder Services Corporation at (212) 430-3774 or (toll-free) (866) 873-6300. Questions regarding the tendering of Notes may be directed to Global Bondholder Services Corporation at (toll-free) (866) 873-6300.
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