Macy to Repurchase Bonds: R. H. Macy...
From Times Staff and Wire Reports
Macy to Repurchase Bonds: R. H. Macy & Co. has plans to repurchase substantial amounts of its junk bonds and would consider selling a 20% equity stake in the retailer, a spokeswoman for the company confirmed. Myron Ullman, Macy’s executive vice president, reportedly had said the company is examining “five or six” different ways to finance a big bond buyback. The New York-based department store chain, which also owns Bullock’s and I. Magnin, has about $1.6 billion of junk bonds outstanding that were issued after the company was taken private in a leveraged buyout in 1986. Macy’s bonds recently have traded at around 50 cents on the dollar, with certain issues trading even lower.
