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J. C. Penney Company, Inc. Message Board

  • westberlin2012 westberlin2012 Jun 4, 2014 2:36 AM Flag

    $500 Million Loan for JC Penny

    Bank of America Merrill Lynch, Wells Fargo, J.P. Morgan, Barclays, and Goldman Sachs have scheduled a bank meeting for 9:00 a.m. EDT on Thursday, June 5 to launch a $500 million term loan for J.C. Penney, according to sources.

    Proceeds will be used to help refinance the publicly traded retailer’s existing $1.85 billion asset-based revolving credit facility, which matures in April 2016.

    Alongside the term loan, the company is also launching a new $1.75 billion asset-based revolving credit. Wells Fargo will be left lead on the RC, sources said.

    The loan will include a minimum-excess-availability covenant, sources noted.

    As reported, the CCC+/Caa2 company disclosed last month that it received a commitment for a $2.35 billion senior secured asset-based facility that includes both a term loan and a revolver. There is $650 million outstanding under the existing ABL RC, SEC filings show

    Sentiment: Strong Buy

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