I believe the did that a few days ago, right? $850 million I think.
I just searched and couldn't find any news saying JCP has had their LOC approved. There was one story dated yesterday morning which said a banking syndicate approved a loan secured by JCP's real estate but JCP has not accepted it yet. (That tells me the loan's terms were unfavorable to JCP so far.)
The article also said JCP's LOC request to Wells Fargo for a $500 million LOC was still pending.
The same article had this paragraph in it: "Standard & Poor's has issued a warning on J.C. Penney, saying that adding more secured debt to its balance sheet could lead to a downgrade of the company's CCC+ credit rating. The rating already indicates that the company's bonds are trading at high-risk, or "junk" levels