JCPENNEY INCREASES CREDIT FACILITY AVAILABILITY TO $1.85 BILLION
2013-02-12 22:07:04 -
Amendment Increases Liquidity and Enhances Financial Flexibility
PLANO, Texas (Feb. 12, 2013) - J. C. Penney Company, Inc. ("jcpenney") (NYSE:
JCP) announced today that its wholly-owned subsidiary, J. C. Penney Corporation,
Inc., has amended its bank credit facility to increase its borrowing capacity to
$1.85 billion and to expand the accordion feature of the facility to $400
million. The amendment enhances the company's liquidity and provides additional
financial flexibility to support its transformation initiatives. The facility
may be used for general corporate purposes and the pricing and maturity terms
remain unchanged. No funds have been drawn under the agreement.
Ken Hannah, chief financial officer of jcpenney, said, "As we enter the second
year of our transformation, today's announcement reflects the confidence of our
banking group in our long-term strategy and further strengthens our liquidity
position as we continue to execute our plan."
The arrangement of the credit facility was co-led by J.P. Morgan Securities LLC,
Bank of America Merrill Lynch, Barclays Capital and Wells Fargo Capital Finance.
For further information, contact:
Investor Relations; (972) 431.5500
jcpinvestorrelations@jcpenney.com
Media Relations; (972) 431.3400
jcpcorpcomm@jcpenney.com
Corporate Website
ir.jcpenney.com
About jcpenney:
More than a century ago, James Cash Penney founded his company on the principle
of the Golden Rule: treat others the way you'd like to be treated - Fair and
Square. His legacy continues to this day, as J. C. Penney Company, Inc. (NYSE:
JCP) boldly transforms the retail experience across 1,100 stores and jcp.com to
become America's favorite store. Focused on making the customer experience
better every day, jcpenney is dreaming up new ways to make customers love
shopping again. On every visit, customers will discover great prices every day
in a unique Shops environment that features exceptionally curated merchandise, a
dynamic presentation and unmatched customer service. For more information, visit
us at jcp.com.
This release may contain forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Such forward-looking
statements, which reflect the Company's current views of future events and
financial performance, involve known and unknown risks and uncertainties that
may cause the Company's actual results to be materially different from planned
or expected results. Those risks and uncertainties include, but are not limited
to, general economic conditions, including inflation, recession, unemployment
levels, consumer spending patterns, credit availability and debt levels, changes
in store traffic trends, the cost of goods, trade restrictions, the impact of
changes designed to transform our business, customer acceptance of our new
strategies, the impact of cost reduction initiatives, implementation of new
systems and platforms, changes in tariff, freight and shipping rates, changes in
the cost of fuel and other energy and transportation costs, increases in wage
and benefit costs, competition and retail industry consolidations, interest rate
fluctuations, dollar and other currency valuations, the impact of weather
conditions, risks associated with war, an act of terrorism or pandemic, a
systems failure and/or security breach that results in the theft, transfer or
unauthorized disclosure of customer, employee or Company information and legal
and regulatory proceedings. Please refer to the Company's most recent Form 10-K
and subsequent filings for a further discussion of risks and uncertainties.
Investors should take such risks into account when making investment decisions.
We do not undertake to update these forward-looking statements as of any future
date.
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Source: J. C. Penney Company, Inc. via Thomson Reuters ONE
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