Kohl’s fully draws $1 billion revolving credit facility

By Wendy Van Sickle

Columbus, Ohio, March 30 – Kohl’s Corp. borrowed the full amount of its $1 billion senior unsecured revolving credit facility on March 19, according to an 8-K filing with the Securities and Exchange Commission.

Kohl’s said it maximized its borrowings under the revolver as a proactive measure to increase its cash position and preserve financial flexibility in light of current uncertainty in the global markets resulting from the Covid-19 outbreak.

The draw-down proceeds are being held in bank deposit accounts on the company’s balance sheet and may be used for general corporate purposes.

The revolver is provided for by a credit agreement with Wells Fargo Bank, NA as administrative agent.

Kohl’s is a department store chain based in Menomonee Falls, Wis.

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