Kohl's Enters $1.5 Billion Asset-based Revolving Credit Facility

Kohl's Corp. KSS, -1.29% said Friday it has entered a $1.5 billion asset based revolving credit facility, as the department-store chain moves to refinance about $1 billion in debt and attain additional financial flexibility. The company has suspended its quarterly cash dividend starting in the second quarter, but remain committed to resuming paying it as soon as the environment has stabilized from the coronavirus pandemic. Shares rose 11% premarket but are down 55% in the year to date, while the S&P 500 SPX, -0.85% has fallen 13%.