J.C. Penney offers $350 million of senior notes
Plano, Texas – J.C. Penney Company Inc. is raising capital by selling $350 million worth of senior notes due in 2019. The proceeds will mostly be used by pay off fees and expenses related to previous senior notes offering coming due in 2015, 2016 and 2017.
Any funds left over after previous debt is paid off will be used for general corporate purposes. Acting as joint book-running managers are as J.P. Morgan, Barclays and Goldman Sachs. Co-managers are Bank of America Merrill Lynch, Wells Fargo Securities, Guggenheim Securities, HSBC, RBS and Regions Securities.
Penney reported that it had $8.5 billion in total liabilities at the end of its second quarter.