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Stock Market & Financial Investment News

News Breaks
June 23, 2014
08:32 EDTJCPJ.C. Penney closes $2.35B credit facility
J. C. Penney Company announced that it has closed its new $2.35B asset-based senior secured credit facility, comprised of a $1.85B revolving line of credit and a $500M term loan. The new facility replaces a $1.85B credit facility that was scheduled to mature in April 2016 and provides better pricing terms than the previous facility. Proceeds from the term loan will be used to pay down the cash borrowings on the previous facility. The revolving line of credit will be available for working capital and general corporate purposes. Ed Record, CFO of JCPenney, said, "We proactively pursued this new facility to extend the maturity several years and further enhance our liquidity position, particularly during periods of peak working capital needs. We are pleased with the improved pricing terms of this facility as well as the support and confidence from our banking partners." The arrangement of the credit facility was co-led by Wells Fargo, Bank of America Merrill Lynch, J.P. Morgan, Barclays and Goldman Sachs.
News For JCP From The Last 14 Days
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August 1, 2014
12:44 EDTJCPJ.C. Penney August volatility elevated into Q2 and outlook
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11:14 EDTJCPStocks with call strike movement; JCP DDD
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July 31, 2014
06:55 EDTJCPJ.C. Penney turnaround 'very much underway,' says Piper Jaffray
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