Tags: JCPenney | Soros | Goldman Sachs | loan

Goldman Sachs Lines up $1.75 Billion JC Penney Loan

Friday, 26 Apr 2013 03:46 PM

Goldman Sachs has arranged a $1.75 billion financing package for retailer J.C. Penney Co Inc., backed by the department store chain's real estate and other assets, CNBC reported.

Shares of the ailing retailer were up 13.7 percent at $17.32 in late-afternoon trading after the CNBC report. Penney spokesman Joey Thomas said the company does not comment on speculation or rumor.

The report came a day after billionaire investor George Soros reported a 7.9 percent passive stake in the company, which has been exploring various capital-raising options with its financial advisers after a steep sales slump followed a turnaround attempt by former CEO Ron Johnson.

Earlier this month, Penney borrowed $850 million from its $1.85 billion revolving credit facility to help buy inventory and revamp its business strategy.

© 2015 Thomson/Reuters. All rights reserved.

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