In drawing the funds, J.C. Penney is taking advan­tage of the money while it remained avail­able, since banks could reduce the next credit line, said Harlan Platt, a finance pro­fessor at North­eastern University.

If they had not drawn down the money, it would have come down on its own; they would have lost the avail­ability,” Platt said. “You always want to stock up while it’s there.”

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