Home / Knowledge / News / Fashion / JCPenney completes new $750 mn credit facility
JCPenney completes new $750 mn credit facility
09
Apr '09
J. C. Penney Company Inc announced that its wholly-owned subsidiary, J. C. Penney Corporation, Inc., has completed a new three-year $750 million bank credit facility. The new facility replaces a $1.2 billion credit facility that was scheduled to mature in April 2010 and provides further strength to the Company's liquidity position.

The Company had not utilized the $1.2 billion facility for cash borrowings, and with the strength of the Company's current liquidity position no borrowings are expected under the new facility other than to provide support for the issuance of letters of credit.

Effective today, the facility may be used for general corporate purposes and will mature in April 2012. In addition, the facility's financial covenant thresholds for both the leverage ratio and fixed charge coverage ratio have been set in alignment with the Company's 2009 operating plan and adjusted to remove the impact of non-cash pension expense. The facility is secured by the Company's inventory, which can be released upon attainment of certain credit rating levels.

The arrangement of the credit facility was co-led by J. P. Morgan Securities Inc., Bank of America, Barclays Capital and Wachovia Bank, N.A., a Wells Fargo Company.

J. C. Penney Company Inc


Must ReadView All

Tajik textile-apparel exports rise 30% in Jan-Aug 2018

Textiles | On 16th Oct 2018

Tajik textile-apparel exports rise 30% in Jan-Aug 2018

Tajikistan’s production of textile and apparel rose by 30 per cent in ...

Courtesy: Good On You

Apparel/Garments | On 16th Oct 2018

Good On You aims to give consumers access to brand info

Australia based Good On You, an app that provides ratings of over...

Courtesy: Rieter

Textiles | On 16th Oct 2018

Rieter launches new ring and compact spinning machines

Rieter has launched G 37 and G 38, the new ring spinning machines,...

Interviews View All

Top executives, Textile industry

Top executives
Textile industry

It will take some time for the people to change their buying choices

Anavila Misra, Anavila Collection

Anavila Misra
Anavila Collection

Fashion shows are also encouraging and highlighting sustainable fashion

Top executives, Textile industry

Top executives
Textile industry

GST has levelled the playing field to an extent

Franco Ravazzi,

Franco Ravazzi

Italy-based Tessimenti E Orditi Tinti (T.O.T SRL) specialises in stocking...

Rajat Jaipuria,

Rajat Jaipuria

Activewear brand Soul Space promotes organic cotton farming and...

Karen Lou,

Karen Lou

Australia-based Sunseeker has been creating swimwear since 1970. Sunseeker ...

Dave Rousse, INDA

Dave Rousse
INDA

INDA, the Association of the Nonwoven Fabrics Industry, serves hundreds of ...

S Ziya Gumuser, Teknomelt

S Ziya Gumuser
Teknomelt

Turkish nonwoven manufacturer Teknomelt has been around for only seven...

Dr. Rene Wollert, Freudenberg Nonwovens

Dr. Rene Wollert
Freudenberg Nonwovens

Dr. Rene Wollert discusses the current scenario of the global nonwovens...

Igor Chapurin, Chapurin

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Rupa Sood and Sharan Apparao, Nayaab

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Varsha Wadhwa, VW

Varsha Wadhwa
VW

Coming from a family that ran a business of jute and linen mills since...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


October 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search