Macy's shares down more than 15% premarket (Il Sole 24 Ore Radiocor) - New York, 15 Jul - Arkhouse and Brigade submitted highly conditional and unsigned drafts of financing commitment letters, subject to numerous conditions, including, in certain cases, diligence on Arkhouse and Brigade themselves, Macy's said.

Notwithstanding the company's financial advisors making it clear that 'enterprise level' financing commitment papers would be required, Arkhouse and Brigade delivered 'asset-based' financing commitment papers tied to the valuation of the company's owned real estate, and subject to appraisals, credit rating outcomes, and loan-to-value thresholds, it said.

"Finalizing and funding these commitment letters would require lengthy additional diligence." At 1322 Macy's shares were down more than 15% in premarket trading.

AAA-Sje

(RADIOCOR) 15-07-24 15:24:01 (0435) 5 NNNN