Macy's Draws Down the Entirety of a $1.5 Billion Credit Facility

Macy's (NYSE: M) is going the debt route to help support its finances in these challenging times. The company confirmed in a regulatory filing submitted Tuesday that it and one of its subsidiaries have drawn down the entirety of a $1.5 billion credit facility provided for the struggling retailer.

In the filing, the company said that it is doing so "as a proactive measure to increase its cash position and preserve financial flexibility in light of current uncertainty in the global markets resulting from the COVID-19 outbreak."

Image source: Macy's

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