J.C. Penney Co. is struggling to unshackle itself from $254 million of bonds that can limit its ability to borrow more money as it seeks financing to alleviate the department-store industry’s biggest cash deficit.
While J.C. Penney last week offered to redeem its 7.125 percent notes due 2023 for 135 cents on the dollar, investors are paying 145.25 cents for the securities, signaling the Plano, Texas-based company may need to boost its bid. The retailer is working to repurchase its only bonds with rules that restrict further indebtedness as it completes a $1.75 billion term loan secured by real estate that will provide working capital.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
