Reuters: Hot Stocks: UPDATE 1-Goldman Sachs lines up $1.75 bln J C Penney loan -CNBC

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UPDATE 1-Goldman Sachs lines up $1.75 bln J C Penney loan -CNBC Apr 26th 2013, 19:34 Fri Apr 26, 2013 3:34pm EDT April 26 (Reuters) - Goldman Sachs has arranged a $1.75 billion financing package for retailer J.C. Penney Co Inc , backed by the department store chain's real estate and other assets, CNBC reported on Friday. Shares of the ailing retailer were up 13.7 percent at $17.32 in late-afternoon trading after the CNBC report. Penney spokesman Joey Thomas said the company does not comment on speculation or rumor. The report came a day after billionaire investor George Soros reported a 7.9 percent passive stake in the company, which has been exploring various capital-raising options with its financial advisers after a steep sales slump followed a turnaround attempt by former CEO Ron Johnson. Earlier this month, Penney borrowed $850 million from its $1.85 billion revolving credit facility to help buy inventory and revamp its business strategy. (Reporting by Ben Berkowitz and Dhanya Skariachan; editing by Gary Hill and Matthew Lewis)

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