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0.00705963742708451 0.00077042813792238 0.00122639581138669 0.020424207166554 0.0298737441235201 0.017279602521973 0.0164934513608278 0.0128299869498907
Stock impact report

Macy's: New Debt And Credit Facility Buy Time For Recovery [Seeking Alpha]

Macy's Inc (M) 
Last macy's inc earnings: 2/25 06:55 am Check Earnings Report
US:NYSE Investor Relations: macysinc.com/ir
Company Research Source: Seeking Alpha
SummaryDespite the impact of COVID-19, Macy's Q1 cash burn wasn't much higher than normal, mainly because the company extended payment terms with suppliers.However, these bills are now coming due, which means that cash burn is likely to accelerate dramatically in Q2.Last week, Macy's raised $1.3 billion of 5-year debt, secured by some of its real estate assets. It is also seeking to double its credit line availability to $3 billion.This additional financing gives Macy's ample financial flexibility for the next year or two, allowing management to focus on short-term loss mitigation and long-term strategy.Despite the considerable near-term headwinds, Macy's is likely to gain market share from weaker rivals in the years ahead, paving the way for a turnaround.With most of its current assetstied up in store inventoryMacy's management hasacted aggressively to conserve cashFortunately, Macy's lined up new financing last week. Between $1.3 billion of secured debt and an expanded credit facili Show less Read more
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