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Plano, Texas -- J. C. Penney Company announced today that it has closed its new $2.35 billion asset-based senior secured credit facility, comprised of a $1.850 billion revolving line of credit and a $500 million term loan.
The new facility, which replaces a $1.850 billion credit facility that was scheduled to mature in April 2016, provides better pricing terms and increased liquidity than the previous facility, the company said. Proceeds from the term loan will be used to pay down the cash borrowings on the previous facility. The revolving line of credit will be available for working capital and general corporate purposes.
“We proactively pursued this new facility to extend the maturity several years and further enhance our liquidity position, particularly during periods of peak working capital needs,” said Ed Record, CFO, J.C. Penney. “We are pleased with the improved pricing terms of this facility, as well as the support and confidence from our banking partners."