Kohl’s Corp. launched a private offering of approximately $360 million aggregate principal amount of senior secured notes due 2030.
The retailer expects the notes to be secured by 11 distribution centers and e-commerce fulfillment facilities, among other collateral, in a newly formed holding company.
Kohl’s intends to use the net proceeds from the sale of the notes in a series of transactions resulting in the repayment of borrowings under its revolving credit facility. Kohl’s expects to borrow under its revolving credit facility to repay all its 4.25 percent notes due 2025 at maturity.
The offering is subject to market and other conditions, and there are no assurances of completion or, if completed, the terms on which for completion.
Image courtesy Kohl’s
