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JC Penney confirms $1.75B in financing

Apr. 30, 2013 @ 12:00 AM

PLANO, Texas -- J.C. Penney on Monday confirmed that Goldman Sachs will provide it with $1.75 billion in financing.

Rumors about the financing had begun to circulate Friday.

The five-year senior secured term loan can be used to fund the company's operations as well as pay off some of its debt. It will be secured by real estate, as well as an interest the company's other assets and some of its subsidiaries.

J.C. Penney has been burning through cash. Earlier this month, it said it would draw $850 million from its $1.85 billion revolving credit line to pay for replenishing inventory, particularly for its overhauled home area.

The Plano, Texas-based company earlier this month fired its CEO, Ron Johnson, after 17 months on the job and rehired his predecessor Mike Ullman. An ambitious turnaround plan by Johnson had backfired and caused sales to plummet.

On Thursday, billionaire financier George Soros disclosed that he had taken a 7.9 percent stake in the company, making him its fourth largest shareholder.

United Bankshares reports quarterly results

CHARLESTON -- United Bankshares Inc. announced earnings of $21.6 million, or 43 cents per diluted share, for the first quarter of 2013, up from $21 million, or 42 cents per diluted share, for the first quarter of 2012, according to a news release from the company.

The results from the first quarter of 2013 produced an annualized return on average assets of 1.05 percent and an annualized return on average equity of 8.72 percent. United's annualized returns on average assets and average equity were 1 percent and 8.63 percent respectively for the first quarter of 2012.

United has consolidated assets of approximately $8.3 billion with 115 full service offices in West Virginia, Virginia, Maryland, Ohio, Pennsylvania and Washington.

Ohio gas prices down to start work week

COLUMBUS, Ohio -- After a big bump at the pump last week, Ohio gas prices are down to start the work week.

A gallon of regular gas in Ohio was listed at an average of about $3.56 in Monday's survey from auto club AAA, the Oil Price Information Service and Wright Express. That's 9 cents lower than last Monday's average of $3.65. The previous week's average was $3.38.

The Ohio price this week is 6 cents higher than the national average of $3.50.

The state average is about 3 cents lower than this time last month, and 19 cents lower than at the same time in 2012.

The lowest average price in the state Monday was about $3.52 in the Dayton/Springfield and Toledo areas.

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