Macy’s signs bank credit agreement
Cincinnati — Macy’s has entered into a $1.5 billion bank credit agreement that will mature on June 20, 2015. It replaces a previous $2 billion facility, which was set to mature on August 30, 2012. Joint lead arrangers for the new agreement are J. P. Morgan, Bank of America Merrill Lynch, Credit Suisse, U.S. Bank and Wells Fargo.
"Because of our strong cash flow and improved balance sheet, we were able to enter into a bank agreement with more favorable terms and pricing. We were also able to reduce the size of our credit facility given our current and anticipated needs,” said Karen M. Hoguet, CFO of Macy’s.
The company now expects its interest expense in 2011 will be approximately $442 million, which compares with previous guidance of approximately $450 million.
Westside Market to open in Manhattan
New York City — New York City-based Winick Realty announced that Westside Market has leased its fourth Manhattan location at 2589 Broadway, between 97th and 98th Streets on the Upper West Side.
The 46-year-old family-owned food market and caterer took a total of 15,607 sq. ft., including 8,607 sq. ft. on the ground floor and 7,000 sq. ft. on the lower level. It currently runs two additional Upper West Side locations, as well as one in Chelsea.
Chipotle to open at Bloomingdale Square
Brandon, Fla. — Jacksonville, Fla.-based Regency Centers said it has leased restaurant space in Brandon, Fla., at Bloomingdale Square to Chipotle Mexican Grill.
Chipotle has leased 2,650 sq. ft., bringing the center to 96% leased. The tenant is slated to open for business in fall 2011.
The 267,736-sq.-ft. shopping center is anchored by a Walmart, Bealls and Publix Super Market alongside national retailers such as Dollar Tree, Hallmark, RadioShack and Bank of America.