According to Bloomberg, in a dramatic last minute deal, Cyprus Capital Partners agreed to provide Sears Holding junior DIP financing, scuttling the company’s previous agreement with Great American Capital Partners.
Bloomberg reported Sears agreed to the new deal because it provided better borrowing costs than its terms with Great American.
Bloomberg added that Cyprus is already a Sears creditor, and the DIP financing will further tie the two companies together.
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All It Wants for Christmas: Sears Seeking $350MM Loan from Great American
