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J.C. Penney extends tender offer for 7 1/8% notes, ups tender payout
By Susanna Moon
Chicago, May 14 - J.C. Penney Co., Inc. said its subsidiary J.C. Penney Corp., Inc. amended and extended the cash tender offer and consent solicitation for its outstanding 7 1/8% debentures due 2023.
The tender offer will now run until at 11:59 p.m. ET on June 4, extended from May 28, and the consent solicitation will end at 5 p.m. ET on May 20, pushed back from May 13, according to a press release. The offer began April 30.
The total purchase price was raised to $1,450 per $1,000 principal amount of notes tendered by the consent deadline, from $1,350 per $1,000 of notes. As noted before, the total amount includes a $50.00 consent payment.
Those who tender after the consent date will receive $1,400 per $1,000 principal amount.
Holders will also receive accrued interest up to but excluding the payment date.
As previously noted, the company is soliciting consents to eliminate most of the restrictive covenants and some events of default and other provisions in the indenture governing the notes.
Holders who tender their notes by the consent date will be deemed to have consented to the proposed amendments.
Tendered notes may no longer be withdrawn, as of the previous consent deadline.
Completion of the tender offer and consent solicitation is conditioned on the company obtaining debt financing with enough proceeds to fund the offer.
Goldman Sachs & Co. (800 828-3182 or collect 212 902-5183) is the dealer manager and solicitation agent for the offer. D.F. King (800 290-6427 or banks and brokers call 212 269-5550) is the tender and information agent.
J.C. Penney is a Plano, Texas-based operator of department stores.
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