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J.C. Penney launches tender offers, $350M private offering

Department store operator J.C. Penney Co. Inc. said March 8 that it commenced cash tender offers for two series of outstanding notes, in addition to launching a private offering of $350 million aggregate principal amount of senior second priority notes.

The tender offers target 8.125% senior notes due 2019 in a principal amount of up to $95 million, and 5.65% senior notes due 2020 in a principal amount of up to $225 million. They are set to expire April 4 at 11:59 p.m. New York City time.

Meanwhile, proceeds from the Texas-based retailer's $350 million notes offering to institutional buyers will be used to pay the tender consideration for portions of the two series of outstanding notes.

J.P. Morgan Securities LLC is acting as dealer manager for the tender offers, while D.F. King & Co. Inc. is serving as the tender and information agent.