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Sears Holdings Announces Pricing of $750MM Term Loan Facility

March 21, 2016, 07:39 AM
Filed Under: Retail

Sears Holdings Corporation announced that it has priced its previously announced $750 million Senior Secured Term Loan  (the "Term Loan") under the company's existing Third Amended and Restated Credit Agreement, dated as of July 21, 2015.  When issued, the Term Loan will be priced at LIBOR plus 750 basis points, subject to a 1.00% LIBOR floor and will be sold with original issue discount at a price of 97.  The company expects to receive $720 million in net proceeds from the loan and to use the proceeds to reduce borrowings under its asset-based revolving credit facility.  The Term Loan is expected to close on April 8, 2016, and is subject to customary closing conditions.

Sears Holdings Corporation is a leading integrated retailer focused on seamlessly connecting the digital and physical shopping experiences to serve our members - wherever, whenever and however they want to shop. The company operates through its subsidiaries, including Sears, Roebuck and Co. and Kmart Corporation, with full-line and specialty retail stores across the United States.

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