Kohl's Corporation announced the commencement of a private offering for approximately $360 million aggregate principal amount of 10.000% senior secured notes due 2030. The notes will be guaranteed by Kohl's subsidiaries and secured by 11 distribution centers and e-commerce fulfillment facilities.
The company intends to use the net proceeds from this offering to repay borrowings under its revolving credit facility. Subsequently, Kohl's expects to borrow under the revolving credit facility to repay the remaining $353 million of its 4.25% notes due in July 2025.
This refinancing strategy aims to address upcoming debt maturities and strengthen the company's liquidity position. The offering is expected to close on May 30, 2025, subject to customary closing conditions.
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