January 26, 2015 11:37 PM ET

Multiline Retail

Company Overview of J. C. Penney Corporation, Inc.

Company Overview

J. C. Penney Corporation, Inc. operates departmental stores that offers merchandise and services to consumers. The company also offers catalog retail and e-retailing. It sell family apparel, footwear, accessories, fine and fashion jewelry, and beauty products. The company was founded in 1902 and is based in Plano, Texas. J. C. Penney Corporation, Inc. operates as a subsidiary of J. C. Penney Company, Inc.

6501 Legacy Drive

Plano, TX 75024-3698

United States

Founded in 1902

Phone:

972-431-1000

Fax:

972-431-1944

Key Executives for J. C. Penney Corporation, Inc.

Chief Executive Officer and Director
Age: 67
Executive Vice President and Chief Financial Officer
Age: 45
Senior Vice President
Age: 61
Vice President of J. C. Penney Corp Inc and Treasurer of J. C. Penney Corp Inc
Compensation as of Fiscal Year 2014.

J. C. Penney Corporation, Inc. Key Developments

J. C. Penney Company, Inc. and J. C. Penney Corporation, Inc. Announces Early Tender Offer Results

J. C. Penney Company, Inc. and J. C. Penney Corporation, Inc., a wholly owned subsidiary of the company (together with the company, 'J. C. Penney'), announced that, pursuant to J. C. Penney's previously announced cash tender offers with respect to the securities, approximately $448 million in aggregate principal amount of Securities was validly tendered and not validly withdrawn on or before the 'early tender date," which was 5:00 p.m., New York City time, on September 22, 2014, according to information provided by D.F. King & Co., Inc., the tender agent for the tender olffers. Because the withdrawal deadline relating to the Tender Offers expired at 5:00 p.m., New York City time, on September 22, 2014, these Securities, as well as any subsequently tendered Securities, may not be withdrawn. J. C. Penney also announced that it has increased the aggregate principal amount of the securities that it is offering to purchase in the tender offers from $300 million to $325 million (as increased, the maximum tender amount) and added tender caps for the 6.875% Medium-Term Notes due 2015 and the 7.65% debentures due 2016. The terms and conditions of the tender offers are described in detail in the offer to purchase, dated as of September 9, 2014, and the accompanying letter of transmittal. In addition, J. C. Penney has determined that the financing condition described in the Offer Documents has been satisfied. All terms and conditions of the tender offers as described in the Offer Documents remain unchanged, except as described in this press release. The tender offers will expire at 11:59 p.m., New York City time, on October 6, 2014, unless J. C. Penney extends the tender offer with respect to any series of securities (such date and time, as a tender offers with respect to a series of securities may be extended, the applicable 'expiration date' for such tender offers), unless earlier terminated. The aggregate principal amount of securities validly tendered at or prior to the applicable expiration date will be purchased, on the terms and subject to the satisfaction or, as applicable, waiver of the conditions to the tender offers, in accordance with their respective acceptance priority levels (acceptance priority levels) in numerical priority order, with the highest priority being designated and the lowest priority being designated  provided that in no event will J. C. Penney be obligated to purchase an aggregate principal amount of Securities exceeding the maximum tender amount or with respect to a series of securities, a principal amount exceeding  the amount. If there are sufficient remaining funds to purchase some, but not all, of the Securities of a particular series based on the applicable Acceptance Priority Level, the principal amount of such securities purchased will be prorated based on the aggregate principal amount of securities of that series, subject, as to a series of securities, its respective tender cap, and, as to all securities,  the maximum tender amount, that have been validly tendered at or prior to the applicable expiration date. Subject to the acceptance priority levels and the maximum tender amount, if the validly tendered securities of a particular series exceeds the tender cap for such series, the principal amount of such securities purchased will be prorated based on the aggregate principal amount of securities of that series validly tendered in the tender offers. Holders of securities who validly tendered (and did not validly withdraw) their securities on or before the early tender date are eligible to receive the applicable total consideration, which includes an early tender premium of $30 per $1,000 principal amount of securities tendered by such holders that are accepted for purchase. Holders of securities who validly tender their securities after the early tender date and on or before the applicable expiration date are eligible to receive the applicable base consideration per $1,000 principal amount of securities tendered by such holders that are accepted for purchase, which is equal to the applicable total consideration minus the early tender premium of $30 per $1,000 principal amount of securities. The total consideration per $1,000 principal amount of securities for the 6.875% medium-term notes due 2015 is $1,067.50,  for the 7.65% debentures due 2016 is $1,105 and for the 7.95% Debentures due 2017 is $1,097.50. Holders whose Securities are accepted for purchase pursuant to the Tender Offers will also receive accrued and unpaid interest on such purchased securities from the last interest payment date for such series of securities up to, but not including, the applicable settlement date for such series of securities. Payment for securities accepted for purchase pursuant to the tender offers will be made promptly after the applicable expiration date.

J.C. Penney Corporation, Inc. Enters into a Commitment letter for $2.35 Billion Senior Secured Asset-Based Revolving Credit and Term Loan Facility

On May 14, 2014, J. C. Penney Corporation, Inc. entered into a commitment letter with Wells Fargo Securities, LLC, Wells Fargo Bank, National Association, Bank of America, N.A., Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC, JPMorgan Chase Bank, N.A., Barclays Bank PLC and Goldman Sachs Bank USA, under which the Commitment Parties have committed, subject to the terms and conditions set in the Commitment Letter, to provide the Corporation with a $2.35 billion senior secured asset-based revolving credit and term loan facility. The Credit Facility will replace the Amended and Restated Credit Agreement, dated as of January 27, 2012. As with the Existing Credit Facility, borrowing availability under the Credit Facility will vary according to the Loan Parties' levels of inventory, credit card receivables and accounts receivable. The Credit Facility is expected to mature five years from the closing date thereof. All borrowings under the Credit Facility will accrue interest at a rate equal to, at the Corporation's option, a base rate or an adjusted LIBOR rate plus a spread. The proceeds of the Credit Facility will be used (a) to repay or refinance all or a portion of the outstanding borrowings under the Existing Credit Facility, (b) to pay costs, expenses and fees in connection with the Credit Facility and other related transactions, and (c) for working capital and general corporate purposes. As of the date hereof, the Company has outstanding loans in the amount of $650 million under the Existing Credit Facility.

J. C. Penney Corporation, Inc. Announces Consummation of $2.25 Billion Term Loan and Initial Settlement of its Tender Offer and Consent Solicitation

J. C. Penney Company, Inc. announced that J. C. Penney Corporation, Inc. has entered into a new five-year $2.25 billion senior secured term loan credit facility. The size of the facility was increased from the $1.75 billion anticipated in the commitment letter the company announced on April 29, 2013. Proceeds of the term loan credit facility will be used to finance the cash tender offer for the Notes and to fund ongoing working capital requirements and other general corporate purposes. The term loan credit facility is guaranteed by the Company and certain subsidiaries of JCP, and is secured by mortgages on certain real estate of JCP and the guarantors, in addition to substantially all other assets of JCP and the guarantors. The company also announced that JCP amended its revolving credit facility to increase the amount of additional first and second lien indebtedness that it can incur to $2.25 billion, which permits the borrowing of the loans under the new term loan credit facility. Pricing and maturity terms under the revolving credit facility remain unchanged. The company, as co-obligor on the Notes, and JCP, as issuer of the Notes, announced the acceptance for purchase and payment of all of the $242,782,000 in aggregate principal amount of JCP's 7 1/8% Debentures Due 2023 validly tendered (and not validly withdrawn) prior to 5:00 p.m., New York City time, on May 20, 2013, pursuant to JCP's previously announced cash tender offer for the Notes and related solicitation of consents to certain proposed amendments to the indenture, as amended and supplemented, governing the Notes to eliminate most of the restrictive covenants and certain events of default and other provisions in the Indenture. Payment of the tendered Notes pursuant to the Initial Settlement was made and holders who validly tendered (and did not validly withdraw) their Notes prior to the Consent Expiration received a total consideration equal to $1,450 per $1,000 principal amount of the Notes, which included a consent payment of $50 for each $1,000 principal amount of the Notes, plus accrued and unpaid interest to, but not including, the applicable payment date for the Notes.

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