April 26 (Reuters) – Goldman Sachs has arranged a $ 1.75 billion financing package for retailer J.C. Penney Co Inc , backed by the department store chain’s real estate and other assets, CNBC reported on Friday.
Shares of the ailing retailer were up 13.7 percent at $ 17.32 in late-afternoon trading after the CNBC report. Penney spokesman Joey Thomas said the company does not comment on speculation or rumor.
The report came a day after billionaire investor George Soros reported a 7.9 percent passive stake in the company, which has been exploring various capital-raising options with its financial advisers after a steep sales slump followed a turnaround attempt by former CEO Ron Johnson.
Earlier this month, Penney borrowed $ 850 million from its $ 1.85 billion revolving credit facility to help buy inventory and revamp its business strategy. (Reporting by Ben Berkowitz and Dhanya Skariachan; editing by Gary Hill and Matthew Lewis)
UPDATE 1-Goldman Sachs lines up $1.75 bln J C Penney loan -CNBC
No comments:
Post a Comment