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J. C. Penney Company, Inc. Message Board

  • retayl101 retayl101 Apr 18, 2013 2:55 PM Flag

    Ok - I give up - - - how can you pledge the same collateral twice ??

    FROM the WSJ - - -

    The $500 million loan would come due in five years and be backed by Penney's inventory, accounts receivable and intellectual property, the people said, according to the report.

    J.C. Penney Co Inc (JCP.N) is speaking with Wells Fargo & Co (WFC.N) and others, including parties that invest in troubled companies, about a new loan to help it shore up its cash reserves, the Wall Street Journal reported on Thursday, citing people familiar with the matter.

    FROM JCPenney annual filing - 10K

    The 2012 Credit Facility is an asset-based revolving credit facility and is secured by a perfected first-priority security interest in substantially all of our eligible credit card receivables, accounts receivable and inventory.

    On January 27, 2012, J. C. Penney Company, Inc., JCP and J. C. Penney Purchasing Corporation entered into a revolving credit facility in the amount up to $1,250 million (2012 Credit Facility), which amended and restated the Company&019;s prior credit agreement entered into in April 2011, with the same syndicate of lenders under the previous agreement, with JPMorgan Chase Bank, N.A., as administrative agent. The 2012 Credit Facility matures on April 29, 2016. On February 10, 2012, we increased the size of our 2012 Credit Facility to $1,500 million and on January 31, 2013, we increased our 2012 Credit Facility by an additional $250 million to $1,750 million.

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