S&P rates Kohl’s notes BBB-

S&P said it assigned its BBB- issue-level rating to Kohl's Corp.'s proposed senior unsecured notes.

“We expect the company to use the net proceeds from these notes to repay outstanding borrowings under its asset-based lending (ABL) facility and for general corporate purposes,” S&P said in a press release.

“We believe the proposed issuance, along with management's recent measures to preserve cash, will bolster Kohl's liquidity position during a period of heightened uncertainty stemming from the coronavirus pandemic. Pro forma for the issuance, we expect the company to have approximately $2.2 billion cash on hand and $500 million of borrowing capacity under its ABL facility,” S&P said.

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