Land’s End secured a $275 million term loan with a lending group consisting of affiliates of Fortress Investment Group, STORY3 Credit Partners and Blue Torch Capital. In addition, maximum availability under Land’s End’s ABL facility was expanded to $275 million.
In a news release, Sears Holdings said it completed its separation of the Lands’ End business and received a $500 million dividend. Lands’ End also entered into a $175 million ABL and a $515 million term loan and indicated in a related 10-K filing that Bank of America was retained to assist in arranging a syndicate of institutional lenders to provide the facilities.
Sears Holdings announced its board approved the separation of its Lands’ End business. The company noted that Lands’ End will pursue a $690 million ABL facility that will be used to pay a dividend to a Sears Holdings subsidiary.