J.C. Penney secures $1.75-billion loan
J.C. Penney acquired a five-year $1.75 billion loan from Goldman Sachs as the struggling company looks to strengthen its finances.
The news came about two weeks after J.C. Penney announced it had drawn $850 million from a $1.85 billion credit line. The loan, secured by its real estate and other assets, can be used to fund ongoing working capital requirements, the retailer said Monday.
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“This loan facility is an important component of our strategic plan to strengthen the company’s financial position,†said Ken Hannah, J.C. Penney’s chief financial officer in a statement. “Together with our revolving credit facility, this will give us the financial strength we need to meet our current funding requirements and build toward a successful future.â€
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