JCPenney (JCP) Looks to Enter New $500M Secured Loan
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JCPenney (NYSE: JCP) popped higher Thursday afternoon following headlines that it might be in discussions for more financing.
Dow Jones reported that a Wells Fargo-led group might offer JCPenney a $500 million credit line. Others in the group include private equity firms TPG and Cordon Brothers Group.
The loan would be backed by JCPenney receivables, inventories, and intellectual property.
Discussions are said to be fluid and an announcement might come within a few days.
The move follows news earlier in the week that JCPenney was tapping about $850 million of a $1.85 billion revolving facility. Funds would be to provide JCPenney financial flexibility while it comes installation of home departments in 500 locations.
Shares are up 2 percent on the session.
Dow Jones reported that a Wells Fargo-led group might offer JCPenney a $500 million credit line. Others in the group include private equity firms TPG and Cordon Brothers Group.
The loan would be backed by JCPenney receivables, inventories, and intellectual property.
Discussions are said to be fluid and an announcement might come within a few days.
The move follows news earlier in the week that JCPenney was tapping about $850 million of a $1.85 billion revolving facility. Funds would be to provide JCPenney financial flexibility while it comes installation of home departments in 500 locations.
Shares are up 2 percent on the session.
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