Sears plans to get a $1 billion dollar senior secured loan to help lower borrowings under its revolving credit facility.
The department store operator said that the term loan would be issued under its existing credit agreement. This agreement provides for $3.28 billion dollars revolving credit facility.
The term loan is expected to mature in June 2018. The Chicago suburb of Hoffman Estates is where the Sears Holding Corporation is located. The company runs both Sears and Kmart. Last month, Sears reported its second-quarter loss grew and they struggled with sales being weak and deep discounts. Sears Holdings shares finished trading at $50.42 this past Friday. Over the past 52 weeks they have traded with a range of $38.40 to $68.77.
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