Federated to Sell $1 Billion in Asset-Backed Securities

A financing unit of the Federated Department Stores Inc., Cincinnati, has filed with the Securities and Exchange Commission to sell $1 billion in asset-backed securities, published reports said.

Federated said it will use the proceeds for general corporate purposes.

Last month, Federated said it would buy back $500 million of stock after debt problems at its Fingerhut catalog caused shares to fall in value.