J. C. Penney (NYSE:JCP) has struck a $1.75 billion financing deal with Goldman Sachs.

Under the deal announced Monday by the retailer, the five-year loan will be secured with collateral consisting of J.C. Penney real estate "as well as an interest in substantially all other assets of the Company and certain of its subsidiaries."

J.C. Penney says it can use the money to fund ongoing working capital requirements and other general corporate purposes and to pay off debt.

"This loan facility is an important component of our strategic plan to strengthen the Company's financial position," Chief FInancial Officer Ken Hannah was quoted as saying. "Together with our revolving credit facility, this will give us the financial strength we need to meet our current funding requirements and build toward a successful future."

On April 15, J.C. Penney announced it had drawn $850 million of an $1.85 billion revolving credit facility for operating, working capital, and other capital expenditure needs. That move came a week after CEO Ron Johnson stepped down. Last week, billionaire George Soros disclosed ownership of about 7.9% of the company.

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