Tue 02/06/2024 09:00 AM
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Credit Research: Justin Spuma
Covenants: Julian Bulaon
Reporting: Katherine Schwartz

Relevant Items:
Covenant Analysis
Macy’s / Nordstrom / Kohl’s Credit Analysis
Key Takeaways


  • Arkhouse and Brigade’s $5.8 billion offer to acquire Macy’s undervalues Macy’s against comparable transaction enterprise value multiples as well as current industry EV multiples.

  • Current pricing of Macy’s bonds and equity appear to have reacted favorably to deal rumors initially, as the...
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