Daily News: June 16, 2014

J.C. Penney Said to Cut Rate on New Term Loan

According to a Bloomberg report, J.C. Penney, bolstered by rising sales for the first time in three years, is cutting the rate on a $500 million loan it’s seeking to repay debt.

The Plano, TX-based company, which has $5.5 billion of total debt, reported a 6.3 percent first-quarter revenue increase on May 16, reversing sales declines that stretched back to 2011.

To read the full Bloomberg report, click here.

Previously on abfjournal: Wells Fargo, Others Provide J.C. Penney Revolver, May 20, 2014