J. C. Penney (JCP) Reports Successful Early Tender of 7 1/8% Notes
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Moody's Sees No Impact on JCPenney (JCP) Rating from $500M Term Loan Increase
May 21, 2013 12:19 PM EDTMoody's Investor's Service today stated that J.C. Penney Company, Inc.'s (NYSE: JCP) Caa1 Corporate Family Rating and negative outlook are not currently impacted by the increase to $2.25 billion from its previously announced $1.75 billion senior secured term loan due 2020. In addition, the... More
S&P Lowers JCPenney (JCP) Unit Term Loan From 'B' to 'B-'; Outlook Negative
May 21, 2013 10:30 AM EDTOn May 21, 2013, Standard & Poor's Ratings Services lowered its rating on J.C. Penney Corp. Inc.'s (a subsidiary of J.C. Penney Co. Inc. (NYSE: JCP)) senior secured term loan to 'B-' from 'B' and revised the recovery rating to '2' from '1'. The '2' recovery rating indicates our expectation for a substantial recovery (albeit at the high end of the 70%-90% range) in the event of a payment default.
The lower ratings reflect a decline in recovery estimates for term loan lenders because of the upsizing.... More
J. C. Penney (JCP) to Tender All 7 1/8% Debentures Due 2023
May 14, 2013 4:34 PM EDTJ. C. Penney Company, Inc. (NYSE: JCP) (the Company), as co-obligor on the Notes (as defined below), and J. C. Penney Corporation, Inc., a wholly owned subsidiary of the Company (JCP), as issuer of the Notes, announced today that, in connection with the previously announced cash tender offer to purchase any and all of JCPs outstanding 7 1/8% Debentures Due 2023 (CUSIP No. 708160 BE5) (the Notes) and related solicitation of consents to previously described amendments to the indenture, as amended and supplemented (the Indenture), governing the Notes (the Proposed Amendments), JCP has increased the tender offer consideration (as increased, the Tender... More
