J.C. Penney Is Selling Itself to Its Landlords -- Barrons.com
J.C. Penney Is Selling Itself to Its Landlords -- Barrons.com
DJ J.C. Penney Is Selling Itself to Its Landlords -- Barrons.com
DJ J.C.Penney正在向其房東出售自己--Barrons.com
By Alexandra Scaggs
亞歷山德拉·斯卡格斯(Alexandra Scaggs)著
J.C. Penney stock more than doubled Wednesday afternoon, after news that it reached a preliminary deal with two of its largest landlords, who are seeking to buy the company.
週三下午，J.C.Penney的股價上漲了一倍多，此前有消息稱，該公司與兩家最大的房東達成了初步協議，這兩家房東正尋求收購該公司。
Simon Property Group (SPG) and Brookfield Property Partners (BPY), real-estate companies that own more than 160 of the store's properties, have signed a letter of intent to purchase the company, said Kirkland & Ellis attorney Joshua Sussberg in a Wednesday court hearing.
Kirkland&Ellis的律師約書亞·蘇斯伯格(Joshua Sussberg)在週三的法庭聽證會上説，擁有該商店160多處房產的房地產公司Simon Property Group(SPG)和Brookfield Property Partners(BPY)已經簽署了收購該公司的意向書。
The letter of intent, which is nonbinding, will be published late Wednesday, said Sussberg. J.C. Penney's lenders have also signed the letter subject to a couple of conditions, he added.
蘇斯伯格説，這份不具約束力的意向書將於週三晚些時候公佈。他補充説，J.C.Penney的貸款人也簽署了這封信，但有幾個條件。
He laid out a broad outline for the deal at the hearing. Simon Property and Brookfield plan to make a $300 million equity infusion, while the company's bankruptcy lenders have tentatively agreed to a $500 million financing. Banks led by Wells Fargo plan to underwrite a $2 billion asset-backed loan, he said.
他在聽證會上為這筆交易勾勒出了大致輪廓。西蒙地產(Simon Property)和布魯克菲爾德(Brookfield)計劃注資3億美元，而該公司的破產貸款人已初步同意5億美元的融資。他説，以富國銀行為首的銀行計劃承銷一筆20億美元的資產擔保貸款。
The total transaction "contemplates a $1.75 billion total enterprise," he said, with a "significantly negotiated working capital adjustment."
他説，這筆總交易“考慮了17.5億美元的總企業”，並“進行了重大的營運資金調整”。
J.C. Penney "will have approximately $1 billion at close of the transaction, subject of course to the working capital adjustment and the payments of costs and expenses associated with the transaction," he said.
他説，J.C.Penney“在交易結束時將擁有大約10億美元，當然，這取決於營運資金調整以及與交易相關的成本和開支的支付。”
As previously reported, the transaction will split J.C. Penney into three companies, he said: one operating company to run the brand, one company to own the retailer's stores, and another to own its distribution centers. The news comes a little more than a week after negotiations between the buyers, the company and its lenders reached a standstill.
他説，正如之前報道的那樣，這筆交易將把J.C.Penney分成三家公司：一家運營品牌，一家擁有該零售商的門店，另一家擁有其配送中心。這一消息是在買家、該公司及其貸款人之間的談判陷入停滯一週多一點後發佈的。
Sussberg said the retailer's senior lenders have agreed to the outlines of the deal as well. The parties hope to finalize the terms of the deal within the next 10 days, he said, and to seek the court's approval for a deal in October.
Sussberg説，該零售商的高級貸款人也同意了交易的框架。他説，雙方希望在未來10天內敲定交易條款，並在10月份尋求法院對交易的批准。
The stock was delisted in May. It more than doubled to 39 cents per share from 19 cents per share on Wednesday.
該股於今年5月退市。該公司股價從週三的每股19美分翻了一番多，至每股39美分。
Write to Alexandra Scaggs at alexandra.scaggs@barrons.com
寫信給Alexandra Scaggs，電子郵件：alexandra.scaggs@Barrons.com
(END) Dow Jones Newswires
(完)道瓊通訊社
September 09, 2020 16:45 ET (20:45 GMT)
2020年9月9日美國東部時間16：45(格林尼治標準時間20：45)
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