J.C. Penney looking to raise $810.6M from offering

PLANO, Texas J.C. Penney (JCP), the struggling retailer that is trying to reassure the market about its financial stability, expects to raise about $810.6 million via a public stock offering.

J.C. Penney said Friday it plans a public offering of 84 million shares priced at $9.65 per share. Its shares finished at $10.42 per share on Thursday.

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The Plano, Texas company could raise more than that if the underwriters exercise in full a 30-day option to buy up to an additional 12.6 million shares.

The offering is targeted to close on Tuesday.

J.C. Penney Co. also disclosed in a regulatory filing that it anticipates having about $1.3 billion in cash or assets that can readily be converted to cash at year's end. That excludes the net proceeds from the offering.