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Nordstrom Closes on $675 Million Bond Sale

The company will use the sale to pay off $600 million in senior secured bonds issued last year early in the COVID-19 pandemic

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Photography: Connie Zhou, New York

Nordstrom (Seattle) has closed on $675 million of senior unsecured notes that will be used to cut the department store company’s interest expenses by $30 million, according to a press release.

Nordstrom is planning to use the sale to pay off $600 million in senior secured bonds issued that were issued in 2020 during the COVID-19 pandemic. The offer creates flexibility for leveraging with 2024 notes.

Anne Bramman, Chief Financial Officer of Nordstrom, says: “We’re pleased with the progress our business has made in recovering from the impacts of COVID-19 and are optimistic about our future growth opportunities. With the completion of this refinancing, we are further strengthening our financial position. This is an important milestone in our return to targeted leverage ratios and an investment grade capital structure.”

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