Kohl’s Corporation announced a proposed private offering of approximately $360 million aggregate principal amount of senior secured notes due 2030. The notes are expected to be secured by 11 distribution centers and e-commerce fulfillment facilities, held in a newly-formed holding company. Kohl’s intends to use the net proceeds from the sale of the notes to repay borrowings under its revolving credit facility and to borrow under the facility to repay all of its 4.25% notes due 2025 at maturity.
The notes have not been registered under the securities act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption. The offering is intended for "qualified institutional buyers" as defined in rule 144a under the securities act and non-U.S. persons outside the United States pursuant to regulation s.
As of the time of the press release, Kohl’s operates more than 1,100 stores in 49 states, online at kohls.com, and through the Kohl’s app. Today the company's shares have moved 12.82% to a price of $7.57. For the full picture, make sure to review KOHLS Corp's 8-K report.
