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Macy’s Raises $500 Million in Bond Offering to Buy Back Shares

Macy’s Inc. raised $500 million in a bond sale to refinance debt and buy back shares.

The 10-year 3.625 percent securities yield 112.5 basis points more than similar-maturity Treasuries and are rated Baa2 by Moody’s Investors Service, according to data compiled by Bloomberg. Proceeds may be used to retire the company’s $453 million of 5.75 percent notes due in July, according to a regulatory filing.