Since Ullman returned in April, J.C. Penney had already taken out a $2.25 billion loan and drew $850 million from its revolving credit line. The company discussed with Goldman Sachs, which arranged the loan, the possibility of raising more cash to fund its turnaround, people with knowledge of the matter said earlier this month. While J.C. Penney didn't have immediate cash needs, it has faced shareholder pressure to take advantage of cheap financing, the people said.