Wednesday, 27 May 2015
Last updated 2 hours ago
Apr 29 2013 | 3:10pm ET
Pershing Square Capital Management's William Ackman is staking J.C. Penney's future on its real-estate.
Ackman is currently weighing a $1.75 billion loan commitment from Goldman Sachs, secured by a "significant" portion of its real-estate. The five-year loan would have an interest rate of about 6.5%, despite J.C. Penney's junk rating.
Barclays Capital is expected to make a competing offer next week, giving Ackman and Penney their choice of financing, the New York Post reports.
Pershing Square is Penney's largest shareholder. Last week, George Soros became the retailer's fourth-largest shareholder.
May 27 2015 | 2:15pm ET
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