Despite Tapping Facility, JCPenney (JCP) Will Still Need to Raise More Cash
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JCPenney (JCP) Looks to Enter New $500M Secured Loan
April 18, 2013 2:02 PM EDTJCPenney (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... More
UPDATE: 1M Share J. C. Penney (JCP) Block Trade Hits Wire
April 17, 2013 11:07 AM EDT(Updated - April 17, 2013 11:07 AM EDT)
1 million share block trade in J. C. Penney (NYSE: JCP) hit the wire at 10.53 am. Price was $14.80/ share.... More
Fitch: No Impact on JCPenney (JCP) Ratngs Following Draw Down, Will Need More Financing
April 15, 2013 3:06 PM EDTJ.C. Penney Co. Inc. (NYSE: JCP) Monday said it drew down $850 million from its $1.85 billion revolving credit facility. Fitch Ratings views this as a stop-gap measure before permanent financing is put in place. We believe J.C. Penney will need to tap into additional funding to cover a projected free cash flow (FCF) shortfall of $1.3 billion to $1.5 billion in 2013, which could begin to strain its existing sources of liquidity. Upside or downside to our FCF estimate will... More
J.C. Penney (JCP) Taps Credit and Avoids 'Very Dilutive' Financing... For Now
April 15, 2013 10:29 AM EDTThis morning investors learned that J. C. Penney (NYSE: JCP) tapped $850 million of its revolving credit facility. Investors were expected the retailer to draw only $500 million, although its CEO said the "amount provides more than their current funding needs to ensure continued liquidity."
... 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
