Kohl's closes $360M 10% senior secured notes due 2030; proceeds repay revolver

KOHLS Corp

$360M aggregate principal of 10.000% senior secured notes due 2030 issued.
Notes secured by 100% equity of PropCo and first-priority liens on 11 distribution centers.
Net proceeds used to repay borrowings under revolving credit facility; company expects to borrow under revolver to repay 4.25% notes due 2025 at maturity.
Notes mature June 1, 2030; interest payable June 1 and Dec 1 beginning Dec 1, 2025.
Change of control repurchase event triggers offer to repurchase notes at 101% of principal plus accrued interest.

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