Business

$1.75B loan to JCP

JCPenney yesterday confirmed that Goldman Sachs will provide it with $1.75 billion in financing.

Rumors about the financing had begun to circulate Friday.

The five-year senior secured term loan can be used to fund the company’s operations as well as pay off some of its debt. It will be secured by real estate, as well as an interest in the company’s other assets and some of its subsidiaries.