J.C. Penney completes credit facility.(Brief Article)

Daily News Record, December, 1995

PLANO, Texas (FNS) - J.C. Penney Co. and its J. C. Penney Funding Corp. unit completed a $3 billion financing comprising a $1.5 billion 364-day revolving credit facility and a $1.5 billion five-year revolver.

The facilities support the company's short-term borrowing program and will replace existing credit lines, the company said.

Terms were not released, but J.C. Penney said its strong credit rating and a receptive banking community allowed it to restructure the fines on a favorable basis.

J.P. Morgan Securities Inc. acted as arranger, Morgan Guaranty Trust Co. as agent and Bankers Trust Co., Chemical Bank, Credit Suisse, Bank of America NT & SA, and NationsBank of Texas NA as co-agents.