J. C. Penney Company, Inc. announced that it has completed the refinancing of its $2.35 billion senior secured asset-based revolving credit facility.

The amended and restated facility provides improved pricing terms and extends the maturity from 2019 to 2022. The revolving line of credit will remain available for seasonal working capital needs and general corporate purposes.

"As part of our ongoing pursuit to further strengthen the Company's financial position, we're pleased to close on the refinancing of our revolving credit facility, providing us enhanced terms and continued fiscal flexibility," said Marvin R. Ellison, chairman and chief executive officer of JCPenney. "We thank our banking partners for their ongoing support and confidence."

The arrangement of the credit facility was co-led by Wells Fargo, Bank of America Merrill Lynch, J.P. Morgan, Barclays and Goldman Sachs.