Macy's shares jumped the most in almost 17 years Wednesday after it negotiated a more flexible bank-credit agreement to remove doubts about its ability to pay off $950 million in debt maturing next year.

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Macy’s shares jumped the most in almost 17 years Wednesday after it negotiated a more flexible bank-credit agreement to remove doubts about its ability to pay off $950 million in debt maturing next year.

Macy’s now needs less cash flow relative to the amount of interest it pays to satisfy its bankers, fund manager David Heupel said.

Macy’s stock advanced $1.54, or 18.2 percent, to $10.01 Wednesday. The shares have slid 61 percent this year and its bonds traded in recent weeks at noninvestment grade levels. Sales at stores open at least a year fell in nine of the past 10 months.