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Penney lines up five-year, $1.75 billion loan from Goldman


 (Copyright Reuters 2013)

J.C. Penney Co Inc on Monday said Goldman Sachs Group Inc will provide it with a five-year, $1.75 billion financing package, the latest move by the retailer to shore up its finances.

The senior secured term loan facility, backed by the department store chain's real estate and its other assets, may be used to fund ongoing working capital needs and other corporate purposes, Penney said in a statement.

(Reporting by Phil Wahba in New York; Editing by Gerald E. McCormick)