Struggling retailer J. C. Penney (JCP) is tapping JPMorgan (JPM) investment bankers in an effort to sell roughly $2 billion in sub-investment-grade loans, a person familiar with the deal told Real Money.
Proceeds of the $2 billion loan offering are intended to help J.C. Penney refinance a substantial portion of its debt, which most recently clocked in at $4.73 billion, based on J.C. Penney’s quarterly filing with the Securities and Exchange Commission.
