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J.C. Penney looking to raise some $800 million from offering
Plano, Texas – Shares of J.C. Penney Company took a beating on Friday after the retailer priced its $932 million share sale at a 7.4% discount and detailed its shrinking cash position.
Penney priced its sale of 84 million shares at $9.65, down from a closing price of $10.42 on Thursday.
The new offering should raise more than $800 million. According to Reuters, J.C. Penney, which is valued at $2.6 billion, had been considering issuing new stock shares as well as other unspecified alternatives.