JC Penney has been working to give itself more breathing room as it navigates the retail climate. The Plano-based retailer refinanced a $2.35B asset-based revolving loan, the Dallas Morning News reports. The maturity of the loan has been extended from 2019 to 2022. 

Penney will likely use the loan to fund seasonal peaks in cash needs or general corporate purchases. It has been paying down debt, including $300M worth of notes due in 2018 and 2019.

This year has already brought highs and lows for the retailer. Selling its corporate campus in a sale-leaseback for $353M gave JC Penney some cash flow in January. In March, it announced it would close more than 130 stores, only to delay some closings because of higher-than-expected store sales. 

At the end of Q1, it had $363M in cash and $2B available in its credit line. It also has a $190M note due in 2018, a $175M note due in 2019 and a $400M note due in 2020. Wells Fargo, Bank of America, JP Morgan Chase, Barclays and Goldman Sachs are lead banks for JC Penney. 

"As part of our ongoing pursuit to further strengthen the company's financial position, we're pleased to close on the refinancing of our revolving credit facility, providing us enhanced terms and continued fiscal flexibility," JC Penney Chairman and CEO Marvin Ellison said.