The Wall Street Journal reported that J. C. Penney Company, Inc. announced that it has entered into a commitment letter with Goldman Sachs Bank USA under which Goldman Sachs has committed to provide the Company with a five-year $1.75 billion senior secured term loan facility.
According to the Wall Street Journal report, the proceeds of the loan facility may be used to fund ongoing working capital requirements and other general corporate purposes and to amend, acquire or satisfy and discharge the Company's outstanding Debentures Due 2023. The facility will be secured by real estate, subject to certain carve outs, as well as an interest in substantially all other assets of the Company and certain of its subsidiaries.
Previously on ABL Advisor: "CFO: “Desperate” J.C. Penney Taps Revolver"