Macy’s signs bank credit agreement

Cincinnati -- Macy’s has entered into a $1.5 billion bank credit agreement that will mature on June 20, 2015. It 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. We were also able to reduce the size of our credit facility given our current and