J.C. Penney Company, Inc. announced on Friday, Sept. 27, that it has commenced an underwritten public offering of 84 million shares of its common stock to the public at $9.65 per share. The company intends to use the net proceeds from the offering for general corporate purposes. The offering is expected to close on October 1, 2013, subject to certain customary conditions.
The company intends to grant the underwriters a 30-day option to purchase up to an additional 12.6 million shares of common stock. The company’s common stock is listed on the New York Stock Exchange under the symbol “JCP.”
Goldman, Sachs & Co. is serving as the sole book-running manager for the offering.
The shares of common stock will be issued pursuant to an effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission. Copies of the preliminary prospectus supplement and the accompanying prospectus related to the offering may be obtained from Goldman, Sachs & Co.