Sears Holdings and Kmart entered into a second lien credit agreement which allowed Sears to borrow $300 million in term loans. According to a related 8-K filing, JPP served as administrative agent and collateral agent for the transaction.

Edward S. Lampert, the company’s CEO and chairman, is the sole stockholder, chief executive officer and director of ESL Investments, which controls JPP and JPP II, the lenders under the credit agreement. Sears expects to use the proceeds of the term loan for general corporate purposes.

The credit agreement allows Sears to seek up to $200 million of additional loans from third parties.

Sears also amended its intercreditor agreement. Bank of America and Wells Fargo served as ABL agents for that transaction. Wilmington Trust served as second lien agent.