Home / Knowledge / News / Apparel/Garments / JC Penney raises new debt via $350mn senior unsecured note
JC Penney raises new debt via $350mn senior unsecured note
10
Sep '14
US apparel retailer JC Penney plans to sell $350 million of five-year senior notes to retire debt falling due in the next three years.

JC Penney said it will use the proceeds to redeem around $300 million of borrowings due from October of next year through April 2017.

The remaining amount, the retailer said, will go towards general corporate purposes including retiring a portion of its old debts.

For the second fiscal quarter of 2014, JC Penney reported sales of $2.8 billion, up from $2.66 billion last year.

EBITDA outperformed analyst expectations as it posted a positive $90 million, a year-on-year improvement of $342 million.

However, the retailer incurred a net loss of $172 million or a negative $0.56 per share in the second quarter of 2014.

JC Penney said it reported a third consecutive quarter of growth, with gross margin improving 640 basis points from same quarter last year and 290 basis points sequentially from first quarter of 2014. (AR)

Fibre2fashion News Desk - India

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