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 entered into an agreement to extend the maturity of its existing term loan to January 2019, with the option to further extend the maturity to July 2019. The company also expects to close a new $600 million secured credit facility, advised by UBS Investment Bank.
Sears Holdings amended its loan agreement with lenders controlled by CEO Edward Lampert to borrow an additional $100 million with the understanding it can borrow $100 million more prior to December 1, 2017.
Sears Holdings Chairman and CEO Edward Lampert said the struggling retailer has improved operating performance and financial flexibility and will continue to work towards a successful restructuring.
Stanley Black & Decker will purchase the Craftsman brand from Sears Holdings in a transaction valued at approximately $900 million.
Certain Sears Holdings subsidiaries entered into a $500 million committed secured loan facility provided by entities affiliated with ESL Investments, an entity controlled by Sears’ chairman and CEO.
Sears Holdings entered into a $500 million committed secured loan facility with ESL Investments and Cascade Investment. The facility together with the closing of a $750 term loan provides $1.25 billion of committed financing.
Inc. released its list of six brands that may not make it through 2015. Included in the list is RadioShack, American Apparel and Sears Holdings.