Macy's announces $1 billion bond offering to repay credit facility

(Reuters) - Macy's Inc said on Tuesday it planned to raise $1.1 billion (£893.36 million) in a bond offering, backed by a first mortgage on some of its properties, to repay funds borrowed under a revolving credit facility.The department store chain drew down a $1.5 billion credit facility in March as it had to temporarily close stores and limit its business to its app and website due to the COVID-19 pandemic.A number of U.S. companies are also pledging their assets and properties to raise..