Macy’s Enters New Credit Agreement

Macy’s announced June 20 that it has entered into a $1.5
billion bank credit agreement that will mature on June 20, 2015.

The new agreement replaces a previous $2 billion facility
which was set to mature on August 30, 2012. Joint lead arrangers for the new
agreement are J. P. Morgan, Bank of America Merrill Lynch, Credit Suisse, U.S.
Bank, and Wells Fargo.

“Because of our strong cash flow and improved balance sheet,
we were able to enter into a bank agreement with more favorable terms and
pricing,” said Karen M. Hoguet, chief financial officer of Macy’s, in a
statement.

The company now expects its interest expense in 2011 will be
approximately $442 million, which compares to previous guidance of
approximately $450 million.