NEW YORK - R.H. Macy & Co. said it reached an agreement to extend and modify its current debtor-in-possession credit facility with a group of 30 financial institutions.

Macy said the facility was extended through Aug. 1, 1995, from its original expiration date of February 1994.

In addition, the facility's maximum availability was cut to $550 million from $600 million. Macy said the reduction was "due to effective cash management and the anticipation of lower cash requirements" and said it "reflects the progress the company has made in implementing the expense reduction initiatives of its five-year business plan."

Also, the revised credit facility now includes covenants relating to the company's earnings before interest, taxes, depreciation, and amortization that are calculated on a trailing 12 months basis. The old pact had covenants based on such earnings calculated on a single-quarter basis.

The company noted that should a plan of reorganization be confirmed prior to August 1995, the debtor-in-possession financing would be terminated and replaced by a working capital facility.

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