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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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January 21, 2015
12:12 EDTJCPBest Buy, home retailers seen getting biggest bump from Sears demise
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January 20, 2015
06:22 EDTJCPJ.C. Penney to bring back 120-page catalog, WSJ reports
J.C. Penney has decided to resurrect its catalog in the form of a 120-page book that will mark the first catalog the chain has sent out since 2010, The Wall Street Journal reports. The retailer, which quit the catalog amid a broader pullback caused by the recession and the rise of e-commerce, now believes the catalog can help drive web sales. Reference Link

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