8-K released. VERY GOOD for JCP- Yet price keeps falling ???
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The Amended and Restated Credit Agreement replaces the Credit Agreement, dated as of June 20, 2014, among the Loan Parties, the lenders party thereto, the Administrative Agent and the other parties thereto (as amended, restated, supplemented or otherwise modified prior to the date of the Amendment, the “Existing Credit Agreement”) and provides for an asset-based revolving credit facility up to $2.35 billion, with a $750 million letter of credit sublimit and a $100 million swingline advance limit.
As with the Existing Credit Agreement, borrowing availability under the revolving facility will vary according to the Loan Parties’ levels of inventory, credit card receivables and accounts receivable (the “Borrowing Base”). The Amended and Restated Credit Agreement is expected to mature on June 20, 2022.
All borrowings under the Amended and Restated Credit Agreement accrue interest at a rate equal to, at the Corporation’s option, a base rate or an adjusted LIBOR rate plus a spread. The proceeds of the Amended and Restated Credit Agreement may be used for working capital and general corporate purposes.
As of the date hereof, there are no outstanding loans under the Existing Credit Agreement.
