Distressed Debt and High Yield Research-J.C. Penny Company

                                                J.C. Penny Company, Inc.

 

                               The Law of Large Numbers-Spending to Prosperity

 We suggest that distressed debt and yield hungry investors take a look at the junk bond debt of J.C. Penny with the belief that eventually this old line retailer can get a break and turn it's situation around. J.C. Penny debt has sold off due to the many uncertainties regarding their ability to turn the company right side up. A Chapter 11 Bankruptcy does not seem to be in the cards in the immediate future but is possible.

We feel out sized returns could be available for investors with a short to medium time horizon. Bonds maturing in less than seven years are:

Short Term High Yield J.C. Penny Debt

$500 million   5.875 due 7/1/23  (Senior Secured)                price 83        

$400 million   8.625 due 3/15/25                                         price 51.5

 

 

Stephen P. Vlahos

Performance Plus Advisors. Inc.

 

 

 

 

 

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