Macy’s Inc. signed a $1.5 billion bank credit agreement that will mature on June 20, 2015, replacing a previous $2 billion facility which was set to mature on Aug. 30, 2012.  

 

J. P. Morgan, Bank of America Merrill Lynch, Credit Suisse, U.S. Bank and Wells Fargo were the lead banks on the deal. Macy’s expects $442 million in interest expense in 2011, compared to previous guidance of approximately $450 million.

 

“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. We were also able to reduce the size of our credit facility given our current and anticipated needs,” said Karen M. Hoguet, chief financial officer of Macy’s. “We continue to appreciate our long standing banking relationships and the ongoing support they provide.”

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