J.C. Penney Secures Bankers’ Leeway to Raise Billions in Capital

J.C. Penney Secures Bankers’ Leeway to Raise Billions in Capital

Victor J. Blue/Bloomberg

J.C. Penney originally entered into the credit accord in January 2012, when it had a limit of $1.5 billion secured by inventory and receivables, an arrangement typically referred to as an asset-based loan.