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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| J C Penney Company Inc | NYSE:JCP | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.1819 | 0 | 01:00:00 |
From May 2019 to May 2024
J.C. Penney Co. (JCP) said it is offering $350 million in senior unsecured debt to raise funds to repurchase as much as $300 million in other debt.
The struggling retailer plans to use any remaining proceeds for other purposes, which may include buying back or otherwise retiring a portion of other debt.
Penney has strived to improve its balance sheet as it continue effort to turn itself around from a disastrous overhaul led by former Chief Executive Ron Johnson that led to a 25% drop in sales in 2013.
The company is offering to buy back portions of three series of debt. Penney's $200 million of medium term-notes that mature in 2015 have first priority. The company's $199.95 million of debentures that come due in 2016 have second priority and its $285.4 million of debentures that mature in 2017 have third priority as well as a $100 million tender cap.
Holders that tender their securities by an early tender deadline of 5 p.m. New York time on Sept. 22 will receive a premium of $30 per $1,000 of face value.
Write to Tess Stynes at tess.stynes@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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