Kohl's (KSS) said Tuesday it plans to raise about $360 million through a private offering of senior secured notes due 2030.

The notes will be backed in part by 11 distribution and e-commerce facilities held in a new holding company, Kohl's said.

The company also said it plans to use the net proceeds to repay borrowings under Kohl's revolving credit facility, which the company plans to use to retire its 4.25% notes maturing in 2025.

The offering is subject to market conditions and may not be completed, Kohl's added.