J.C. Penney closes senior note offering

Plano, Texas J. C. Penney Co. announced the completion of two related transactions aimed to further strengthen the company’s financial position and create additional financial flexibility to support its growth plans.

The company on Tuesday closed its public offering of $400 million principal amount of senior unsecured notes.

A group led by Barclays Capital, Banc of America Securities LLC, J.P. Morgan Securities and Wells Fargo Securities, LLC underwrote the securities.

Upon closing, the company used the net proceeds of the offering of approximately $392 million to make voluntary cash contribution to its qualified pension plan.