Nordstrom, Inc. Announces Closing of $675 Million of Senior Unsecured Notes

By PRNewswire4 days ago

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SEATTLE, April 8, 2021 /PRNewswire/ -- Nordstrom, Inc. (NYSE:JWN) announced today the closing on April 8, 2021 of its previously announced offering of $250 million aggregate principal amount of its 2.300% Senior Notes due 2024 (the “2024 Notes“) and $425 million aggregate principal amount of its 4.250% Senior Notes due 2031 (the “2031 Notes“ and, together with the 2024 Notes, the “Notes“).

The Company will use the net proceeds from the sale of the Notes, together with cash on hand, to redeem in full the $600 million aggregate principal amount of outstanding 8.750% Senior Secured Notes due 2025 (the “2025 Notes“), which were issued in April 2020 during the onset of the COVID-19 pandemic. The redemption price for the 2025 Notes is equal to 100% of the principal amount plus accrued and unpaid interest, including a “make-whole“ premium. The redemption date for the 2025 Notes is April 24, 2021.

As a result of this redemption, the Company's bond portfolio once again will be entirely unsecured, and the real estate used to secure the 2025 Notes will be fully unencumbered.

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