April 21, 2020
Nordstrom, Inc. (NYSE: JWN) (the Company) announced that it priced an offering (the Offering) of US$600 million aggregate principal amount of its 8.75% Senior Secured Notes due 2025 (the Notes) at an offering price of 100% of the principal amount thereof. The Notes are secured by six full-line retail stores, including the Company’s Downtown Seattle flagship location, and six distribution centers across the United States. The closing of the offering of the Notes occurred on April 16, 2020. The net proceeds from the sale of the Notes will be used for fees and expenses of the offering and for general corporate purposes.
Latham & Watkins LLP represented the initial purchasers in connection with the transaction with a capital markets team led by New York partners Michael Benjamin, Adam Gelardi, and Peter Sluka, with associates Brian Yoon, Ian Lachow, and Jonathan Hernandez. Advice was also provided on finance matters by Los Angeles partner Jason Bosworth, and on real estate matters by New York partner Michael Haas, Orange County partner Hilary Shalla, and New York counsel Shira Bressler, with associates Elizabeth Vinci and Nairi Salibian.