Department store chain jc penney will seek court approval for US$900m in debtor-in-possession financing during a hearing scheduled for June 2. The DIP comprises a US$450m new money multi-draw term loan facility and US$450m of rolled-up pre-petition debt. The new money portion, which will be provided by an undisclosed group of first-lien creditors, is priced at l,175bp over Libor, with a 1.25% floor, according to CFO Bill Wafford. Its US$4.92bn pre-petition debt comprises US$1.18bn under its asset-based lending facility, US$1.52bn outstanding under its term loan, US$500m in first-lien notes, US$400m in second-lien notes and US$1.32bn in unsecured notes.
展开▼
