WFCF Arranges Sears Canada Credit Facility Extension, Reduction
Sears Canada announced that it has extended the term of its senior secured revolving credit facility to May 2019 and has reduced the total credit limit from $800 million to $300 million. Currently, the revolving facility is undrawn.
The Sears credit facility is held by a syndicate of lenders arranged and administered by Wells Fargo Capital Finance. The original maturity was September 10, 2015. The credit facility is secured with a first lien on inventory and credit card receivables.