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"As we enter the second year of our transformation, today's announcement reflects the confidence of our banking group in our long-term strategy and further strengthens our liquidity position as we continue to execute our plan," said Ken Hannah, Penney's chief financial officer, in a statement. J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Barclays Capital and Wells Fargo Capital Finance arranged the financing transaction. Investors have sent shares of Penney down more than 55 percent from a peak of $43 in the days after the plan was rolled out in February 2012. Penney's shares rose 14 cents in after-hours trading on Tuesday, after slipping 26 cents to close at $19.27 in regular trading.
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