JCPENNEY ANNOUNCES PLANS TO REFINANCE $2.25 BILLION REAL ESTATE TERM LOAN
June 01 2016 - 8:00AM
Company Delivers
Positive Comparable Store Sales Quarter to Date Through Memorial
Day
PLANO, Texas -
(June 1, 2016) - J. C. Penney Company, Inc. (NYSE: JCP)
announced today that it is proposing to refinance and extend
the maturity date of its $2.25 billion senior secured term loan
facility, which is currently set to mature in May 2018. The Company
expects to complete the transaction in June.
The Company also announced that
its recent business performance has delivered positive comparable
store sales quarter to date through Memorial Day.
Media
Relations:
(972) 431-3400 or jcpnews@jcp.com
Investor Relations:
(972) 431-5500 or jcpinvestorrelations@jcpenney.com
About
JCPenney:
J. C. Penney Company, Inc. (NYSE:JCP), one of the nation's largest
apparel and home furnishings retailers, is on a mission to ensure
every shopping experience is worth the customer's time, money and
effort. Whether shopping jcp.com or visiting one of over 1,000
store locations across the United States and Puerto Rico, customers
will discover a broad assortment of products from a leading
portfolio of private, exclusive and national brands.
Supporting this value proposition is the warrior spirit of
over 100,000 JCPenney associates worldwide, who are focused on the
Company's three strategic priorities of strengthening private
brands, becoming a world-class omnichannel retailer and increasing
revenue per customer. For additional information, please visit
jcp.com
Investors and others should note
that the Company announces material information using SEC filings,
press releases, public conference calls and webcasts. In the
future, JCPenney will continue to use these channels to distribute
material information about the Company and may also utilize its
website and/or various social media to communicate important
information about the Company, key personnel, new brands and
services, trends, new marketing campaigns, corporate initiatives
and other matters. Information that the Company posts on its
website or on social media channels could be deemed material;
therefore, investors, the media, customers, business partners and
others interested in the Company are encouraged to review the
information posted on its website as well as the following social
media channels:
Facebook
(https://www.facebook.com/jcp) and Twitter
(https://twitter.com/jcpnews).
Any updates to the list of social
media channels used to communicate material information will be
posted on the Investor Relations page of the Company's website at
www.jcpenney.com
Forward-Looking
Statements
This release may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Words such as "expect" and similar expressions identify
forward-looking statements, which include, but are not limited to,
statements regarding sales, gross margin, selling, general and
administrative expenses, earnings and cash flows.
Forward-looking statements are based only on the Company's
current assumptions and views of future events and financial
performance. They are subject to known and unknown risks and
uncertainties, many of which are outside of the Company's control
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 confidence and spending patterns, credit availability and
debt levels, changes in store traffic trends, the cost of goods,
more stringent or costly payment terms and/or the decision by a
significant number of vendors not to sell us merchandise on a
timely basis or at all, trade restrictions, the ability to monetize
non-core assets on acceptable terms, the ability to implement our
strategic plan including our omnichannel initiatives, customer
acceptance of our strategies, our ability to attract, motivate and
retain key executives and other associates, the impact of cost
reduction initiatives, our ability to generate or maintain
liquidity, implementation of new systems and platforms including
EMV chip technology, changes in tariff, freight and shipping rates,
changes in the cost of fuel and other energy and transportation
costs, disruptions and congestion at ports through which we import
goods, 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, the ability
of the federal government to fund and conduct its operations, a
systems failure and/or security breach that results in the theft,
transfer or unauthorized disclosure of customer, employee or
Company information, legal and regulatory proceedings and the
Company's ability to access the debt or equity markets on favorable
terms or at all. There can be no assurances that the Company
will achieve expected results, and actual results may be materially
less than expectations. Please refer to the Company's most
recent Form 10-K for a further discussion of risks and
uncertainties. Investors should take such risks into account and
should not rely on forward-looking statements when making
investment decisions. Any forward-looking statement made by us in
this press release is based only on information currently available
to us and speaks only as of the date on which it is made. We
do not undertake to update these forward-looking statements as of
any future date.
###
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: J. C. Penney Company, Inc. via Globenewswire
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