UPDATE: J.C. Penney Ended QTR With $1.9B In Total Available Liquidity

BZ NOTE:
Senior Unsecured Note Comment From Filing:
"During the quarter, the Company completed a $400 million offering of senior unsecured notes. The net proceeds of the offering of 8.125 % Senior Notes due 2019 were used to pay the tender consideration and related transaction fees and expenses for the Company’s cash tender offers for approximately $327 million aggregate principal amount of its outstanding 6.875 % Medium-Term Notes due 2015, 7.65 % Debentures due 2016 and 7.95 % Debentures due 2017. Subsequent to the completion of the tender offers, the Company used approximately $64 million of available cash to effect a legal defeasance of the remaining outstanding principal amount of Medium-Term Notes due 2015 by depositing funds with the Trustee for the Notes sufficient to make all payments of interest and principal on the outstanding Notes to October 15, 2015, the stated maturity of the Notes. Through the notes offering, tender offer and defeasance, the Company was able to proactively address its near-term debt maturities. As a result, the Company’s next debt maturity will be approximately $78 million in August 2016."