Sears Holdings amended its March 14, 2018 credit agreement, with UBS, Stamford Branch serving as administrative agent and UBS Securities acting as lead arranger and bookrunner.
JPP acted as both administrative and collateral agent on an amendment to Sears Holdings’ second lien credit agreement.
Sears Holdings has raised $100 million in new financing and is pursuing an additional $200 million. JPP, an affiliate of Sears Chairman Edward Lampert’s hedge fund, ESL Investments,, has agented a $100 million term loan for the ailing retailer.
Sears Holdings obtained a secured standby letter of credit facility in an initial amount of up to $200 million provided by affiliates of ESL Investments with Citibank serving as administrative agent and issuing bank.
Sears Holdings and Kmart entered into a second lien credit agreement which allowed Sears to borrow $300 million in term loans. JPP served as administrative agent and collateral administrator for the transaction.