Asset Sale to Help Macy's Pay Down Term Bank Loan

R.H. Macy & Co. continues to pare its bank debt with the proceeds from asset sales.

Monday, the retailer said it had completed the sale of its 50% stake in a California shopping center. It will apply the after-tax proceeds of about $40 million to an upcoming principal payment of $75 million due this fall, Macy said.

The fall payment will reduce Macy's outstanding term loan to $170 million.

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