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J.C. Penney has drawn

J.C. Penney (JCP) has drawn $850 mil out of a $1.85 bil revolving credit line to help buy inventory as it continues to struggle after a failed turnaround effort. The loan carries a 5.25% rate and matures in April '14. The draw provides liquidity, the retailer said, while it continues to seek additional capital. Shares fell 1.6% to 14.39.