Kohl’s Corp. in a regulatory filing said it has entered a $1.5 billion asset-based revolving credit facility.

The department store noted that on April 16, 2020, the company borrowed $1.5 billion under the credit agreement. The proceeds were used, in part, to refinance approximately $1 billion in aggregate principal amount of existing indebtedness under the company’s credit agreement.

On March 30, Kohl’s said it will temporarily furlough store and store distribution center associates, as well as some corporate office associates, whose work has been significantly reduced by the store closures, in response to COVID-19. Kohl’s also announced that it will extend the duration of its temporary store closures until further notice.

Photo courtesy Kohl’s