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.
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.