We assisted Nordstrom, Inc. in completing a $650M public debt offering consisting of $350M in 4.00% senior notes due 2027 and $300M 5.00% senior notes due 2044. The 2044 notes were a tax-qualified reopening of the company's offering in 2014 of $665M in 5.00% senior notes due 2044 (an offering on which we also advised the company).
The 2044 notes were a late-game pivot in the structure of the offering, as Nordstrom originally intended to issue notes due 2027 and 2047. However, market conditions meant that by reopening the earlier offering of 2044 notes, the company would be able to achieve a substantial savings over the term of the notes. This change was decided on Friday, March 3, with the planned launch of the offering to occur on Monday, March 6, so our team needed to move quickly to immediately rewrite the offering prospectus and to get comfortable with the tax issues arising with the qualified reopening. By moving quickly, our team was able to assist the client in obtaining its least expensive financing in the history of the company.
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