Moody's Sees No Impact on JCPenney (JCP) Rating from $500M Term Loan Increase
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J. C. Penney (JCP) Enters $2.25B Secured Term Loan Facility
May 22, 2013 4:15 PM EDTJ. C. Penney Company, Inc. (NYSE: JCP) announced that its wholly owned subsidiary, J. C. Penney Corporation, Inc. ("JCP"), has entered into a new five-year $2.25 billion senior secured term loan credit facility. The size of the facility was increased from the $1.75 billion anticipated in the commitment letter the Company announced on April 29, 2013.
Proceeds of the term loan credit facility will... 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) Reports Successful Early Tender of 7 1/8% Notes
May 21, 2013 8:46 AM EDTJ. C. Penney Company, Inc. (NYSE: JCP), as co-obligor on the Notes (as defined below), and J. C. Penney Corporation, Inc., a wholly owned subsidiary of the Company ("JCP," and together with the Company, "J. C. Penney"), as issuer of the Notes, announced today early results of JCP's previously announced cash tender offer for its outstanding 7 1/8% Debentures Due 2023 (CUSIP No. 708160 BE5) (the "Notes") and related solicitation for consents to previously described amendments to the indenture, as amended and supplemented, governing the Notes (the "Indenture") that would eliminate most of the restrictive covenants and certain... More
