Annual report pursuant to Section 13 and 15(d)

Credit Agreement

v2.4.0.6
Credit Agreement
12 Months Ended
Jan. 28, 2012
Credit Agreement [Abstract]  
Credit Agreement

10) Credit Agreement

On January 27, 2012, J. C. Penney Company, Inc., JCP and J. C. Penney Purchasing Corporation entered into a revolving credit facility in the amount up to $1,250 million (2012 Credit Facility), which amended and restated the Company's prior credit agreement entered into in April 2011, with the same syndicate of lenders under the previous agreement, with JPMorgan Chase Bank, N.A., as administrative agent. The 2012 Credit Facility matures on April 29, 2016. On February 10, 2012, we increased the size of our 2012 Credit Facility to $1,500 million.  

 

 

 

 

No borrowings, other than the issuance of standby and import letters of credit totaling $144 million as of the end of 2011, have been made under the 2012 Credit Facility.  As of January 28, 2012, the applicable rate for standby and import letters of credit was 2.0% and 1.0%, respectively, while the required commitment fee was 0.325% for the unused portion of the 2012 Credit Facility.  As of January 28, 2012, we had $1,106 million available for borrowing under the 2012 Credit Facility.