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Subsequent Events (Details) (USD $)
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0 Months Ended | 3 Months Ended | |
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Jun. 05, 2013
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May 22, 2013
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May 04, 2013
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Repayment of Debt [Member]
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| Subsequent Event, Date | May 22, 2013 | ||
| Subsequent Event, Description | Tender OfferOn April 30, 2013 we announced the commencement of a cash tender offer (Tender Offer) and consent solicitation for our 7.125% Debentures Due 2023 (Notes) for total consideration consisting of an amount equal to $1,350 per $1,000 principal amount of Notes, including a consent payment in the amount equal to $50 per $1,000 principal amount of Notes. We solicited consents to effect certain proposed amendments to the indenture, as amended and supplemented, governing the Notes (the Indenture) that would eliminate most of the restrictive covenants and certain events of default and other provisions in the Indenture (Proposed Amendments). On May 14, 2013, we announced that we had amended our previously announced Tender Offer (Amended Tender Offer) and related solicitation of consents to extend the expiration date of the consent solicitation and to increase the tender consideration. The Amended Tender Offer increased the total consideration from $1,350 to $1,450 per $1,000 principal amount of the Notes (Amended Tender Offer Consideration); extended the expiration date of the consent solicitation from May 13, 2013 to May 20, 2013 (Consent Expiration) and extended the expiration of the tender offer from May 28, 2013 to June 4, 2013 (Expiration Time). Holders that validly tendered their Notes prior to the Consent Expiration, as extended, received the Amended Tender Offer Consideration. Holders that validly tendered their Notes after the Consent Expiration, as extended, but prior to the Expiration Time, as extended, received only the tender offer consideration of $1,400 per $1,000 principal amount of the Notes (Tender Offer Consideration). Holders whose Notes were accepted for purchase in the Amended Tender Offer also received accrued and unpaid interest to, but not including, the applicable payment date for the Notes. On May 22, 2013, we accepted for purchase $243 million in aggregate principal amount of the Notes, representing 95.41% of the outstanding principal amount, for aggregate Amended Tender Offer Consideration of $352 million, resulting in a loss on the extinguishment of debt of $111 million. On June 5, 2013, we accepted for purchase an additional $2 million in aggregate principal amount of the Notes, for aggregate Tender Offer Consideration of $3 million, resulting in a loss on the extinguishment of debt of $1 million. As a result of receiving the requisite consent of the Holders of at least 662/3% of aggregate principal amount of Notes outstanding, the Proposed Amendments were approved and become operative. | ||
| Extinguishment of Debt, Amount | $ 2,000,000 | $ 243,000,000 | |
| Early Repayment of Senior Debt | 3,000,000 | 352,000,000 | |
| Loss on extinguishment of debt | 1,000,000 | 111,000,000 | |
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Issuance of Debt [Member]
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| Subsequent Event, Date | May 22, 2013 | ||
| Subsequent Event, Description | Term Loan FacilityOn May 22, 2013, we entered into a new $2.25 billion five-year senior secured term loan facility (2013 Term Loan Facility). The 2013 Term Loan Facility is guaranteed by J. C. Penney Company, Inc. and certain subsidiaries of JCP, and is secured by mortgages on certain real estate of JCP and the guarantors, in addition to substantially all other assets of JCP and the guarantors. Proceeds of the 2013 Term Loan Facility were used to fund the Amended Tender Offer and will be used to fund ongoing working capital requirements and general corporate purposes. | ||
| Senior secured term loan facility | $ 2,250,000,000 | ||