Old Copper Co. Inc. (f/k/a CPPRQ/JCPNQ JC Penney)

[I-Man]

Yes good business finance news, stock drops??? ALSO SEC 8-K filing for private offering going on to qualified Investors as well...


S&P Rates J.C. Penney's Proposed $350M Second-Lien Notes 'B'

12:03 pm ET March 8, 2018 (Dow Jones)
(MORE TO FOLLOW) Dow Jones Newswires

March 08, 2018 12:03 ET (17:03 GMT)

Press Release: S&PGR Rates J.C. Penney's Proposed $350M Second-Lien Notes 'B'

The following is a press release from S&P Global Ratings:

NEW YORK (S&P Global Ratings) March 8, 2018--S&P Global Ratings today assigned its 'B' issue-level rating and '5' recovery rating to J.C. Penney Corp.'s (JCP) proposed $350 million second-lien notes due 2025. The '5' recovery rating reflects our expectation for modest (10%-30%; rounded estimate 20%) in the event of a default. The company plans to use the net proceeds to tender for and repay portions of its unsecured debt that matures in 2019 and 2020.

Our ratings on JCP, including the 'B+' corporate credit rating and negative outlook are not affected by this refinancing action, which reflects the company's continued focus on improving the capital structure. Last month, the company repaid $190 million of maturing debt with cash.