According to an 8-K filing, Sears Holdings, owner of Sears and Kmart stores, amended its loan dated January 3, 2017 with JPP and JPP II (lenders) which are controlled by ESL Investments, a hedge fund solely owned by Edward S. Lampert, Sears Holdings’ cCEO and chairman. The lenders provided the borrowers with an additional $100 million.

Subject to the satisfaction of certain conditions, including pledging additional properties of other assets as collateral, up to an additional $100 million may be drawn by the company prior to December 1, 2017.

According to the filing, the loans have an annual interest rate of 11%, which is up from 8% under the original January agreement. As with the existing loans, the incremental loan is guaranteed by the company and is currently secured by a first priority lien on 61 real properties owned by the borrowers.

The amended loan agreement permits the lenders to syndicate or participate all or a portion of the outstanding loans, and the lenders have advised the borrowers that they are amenable to syndicating all or a portion of the incremental loans to third parties on the same terms.