NEW YORK — In separate announcements this week, VF Corp. and J.C. Penney Co. said they plan to go to the public markets to raise funds, while Kmart said it plans to pay down some of its debt.
VF filed for a shelf offering of up to $400 million of debt securities, preferred and common shares and warrants for debt and equity.
Proceeds will be used for general purposes.
Penney’s also filed a shelf offering to raise up to $1.5 billion of debt securities for general corporate purposes.
Meanwhile, Kmart plans to prepay $300 million of its 8 3/8 percent debentures due in 2017 with proceeds from the sale of PayLess Drug Stores Inc. Bondholders will receive $1,054 plus interest of $31.64 for each $1,000 in face value.