PENNEY’S COMPLETES $3B CREDIT PACT
NEW YORK — J.C. Penney Co. and its J.C. Penney Funding Corp. unit completed a $3 billion financing comprising a $1.5 billion 364-day revolving credit facility and a $1.5 billion five-year revolver.
The facilities support the Plano, Tex.-based company’s short-term borrowing program and will replace existing credit lines, the company said.
The terms were not released, but J.C. Penney said its strong credit rating and the receptive banking community allowed it to restructure the lines on a favorable basis.
J.P. Morgan Securities Inc. acted as arranger, Morgan Guaranty Trust Co. as agent and Bankers Trust Co., Chemical Bank, Credit Suisse, Bank of America NT & SA, and NationsBank of Texas NA as co-agents.