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J. C. Penney Company, Inc. Message Board

  • pauly6734 pauly6734 Sep 29, 2013 10:42 AM Flag

    Money is already in the BANK?

    " J.C. Penney recently revealed it had raised $932 million in an equity offering, a much needed capital infusion designed to help the company gear up for the pivotal holiday shopping season. "

    Looks like they already got the money; I wonder who brought the shares?
    If that is the case JCP is good for a few months.

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    • it was an underwritten offering so yes cash is in the bank
      goldman backstopped the deal so it is not clear how many shares they sold at 9.65 and how many they held and will have to/already taken a loss on
      they do get paid fees so it might offset their loss a bit and have an option to sell more if the price goes higher

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