Fitch: No Impact on JCPenney (JCP) Ratngs Following Draw Down, Will Need More Financing
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Despite Tapping Facility, JCPenney (JCP) Will Still Need to Raise More Cash
April 16, 2013 7:46 AM EDTJCPenney (NYSE: JCP) ended the session Monday just over 1.5 percent lower amid news that it would be tapping into a revolving credit line to maintain flexibility over the next few months while it works to transform the look of about 500 locations with home goods stores aimed at drawing in more consumers.... More
JCPenney (JCP) Draws $850M from Revolving Facility to Bolster Financial Flexibility
April 15, 2013 8:32 AM EDTJCPenney Company, Inc. (NYSE: JCP) announced plans to enhance the Company's financial flexibility and position. As part of that process, and consistent with its previously stated plans, the Company has drawn $850 million out of its $1.85 billion committed revolving credit facility. Proceeds will be used to fund working capital requirements and capital expenditures, including... More
