On Wednesday, Shares of J C Penney Company Inc (NYSE:JCP), lost -0.42% to $8.27.
J C Penney Company, declared that it has received $500 million of incremental bank commitments to improvement the size of the Revolving Line of Credit under its existing Senior Secured Asset-Based Credit Facility (ABL) to $2.35 billion from $1.85 billion. In connection with upsizing the revolving credit facility, the Company also intends to prepay and retire the outstanding principal amount of its $500 million Term Loan formerly issued under the ABL, which is planned to mature in June 2019. The Company anticipates to close these transactions in December.
The Company anticipates that retirement of the ABL Term Loan will reduce interest expense by about $20 million annually, starting in 2016. The $2.35 billion ABL revolving line of credit, which will also mature in June 2019, will remain available for seasonal working capital needs and general corporate purposes.
Marvin Ellison, chief executive officer, said, We proactively pursued this transaction to reduce our long-term debt and ongoing interest expense and to further enhance our financial flexibility while maintaining our strong liquidity position as we continue to make progress on our aim of $1.2 billion in EBITDA by 2017.
J C Penney Company, Inc., through its partner, J. C. Penney Corporation, Inc., sells merchandise through department stores in the United States. The company sells family apparel and footwear, accessories, fine and fashion jewelry, beauty products, and home furnishings, in addition to provides various services, counting styling salon, optical, portrait photography, and custom decorating.
Finally, Shares of Eli Lilly and Co (NYSE:LLY), ended its last trade with 0.73% gain, and closed at $83.74.
Eli Lilly and Company, declared that the U.S. Food and Drug Administration (FDA) has approved Portrazza (necitumumab injection for intravenous use, 800 mg/50 mL), in combination with gemcitabine and cisplatin, as the first biologic for the first-line treatment of people with metastatic squamous non-small cell lung cancer (NSCLC). Portrazza is not indicated for treatment of nonsquamous NSCLC.
Metastatic squamous NSCLC is a difficult-to-treat form of lung cancer with few treatment options.The five-year survival rate for patients with metastatic disease is less than five percent.
We have seen advances in lung cancer in the last 20 years, but not for the initial treatment of patients battling metastatic squamous non-small cell lung cancer. This is a complex disease and there is an urgent need for effective, first-line treatments, said Richard Gaynor, M.D., senior vice president, product development and medical affairs for Lilly Oncology. The approval of Portrazza is an important step forward that reaffirms Lillys commitment to discovering new treatments that respond to the needs of individual patients.
Eli Lilly and Company discovers, develops, manufactures, and sells pharmaceutical products worldwide. It operates through two segments, Human Pharmaceutical Products and Animal Health Products.