J.C. Penney says $649.34 million notes converted ahead of redemption

By Caroline Salls

Pittsburgh, Nov. 19 - J.C. Penney Corp. Inc. said holders of $649.34 million of its 5% convertible subordinated notes due 2008 elected to convert their notes into 22.784 million shares of the company's stock ahead of the Nov. 17 redemption date.

A majority of the notes were converted on Nov. 16.

J.C. Penney is a Plano, Texas-based department store, catalog and e-commerce retailer.

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