HOFFMAN ESTATES, Ill., 2017-Jan-05 — /EPR Retail News/ — Sears Holdings Corporation (the “Company”) (NASDAQ: SHLD) announced today (Jan. 4, 2017) that certain of its subsidiaries (the “Borrowers”) have entered into a $500 million committed secured loan facility (the “Loan Facility”) maturing in July 2020. $321 million was funded under the Loan Facility today and up to an additional $179 million may be drawn by the Borrowers in the future.
Entities affiliated with ESL Investments, Inc. are the lenders under the Loan Facility. Edward S. Lampert, the Company’s Chief Executive Officer and Chairman, controls ESL Investments, Inc.
The terms of the Loan Facility were approved by the Related Party Transactions Subcommittee of the Board of Directors of the Company, with advice from Centerview Partners and Weil Gotshal & Manges, the Subcommittee’s outside financial and legal advisors.
This press release contains forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995, including statements about our intention and ability to obtain the remaining $179 million in advances contemplated by the Loan Facility and our intention to market and sell real properties and repay outstanding indebtedness. Forward-looking statements are subject to risks and uncertainties that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Such statements are based upon the current beliefs and expectations of our management and are subject to significant risks and uncertainties. Factors that could cause actual results to differ from those set forth in the forward-looking statements include, but are not limited to, those discussed in this release and those discussed in our most recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. We intend the forward-looking statements to speak only as of the time made and do not undertake to update or revise them as more information becomes available, except as required by law.
About Sears Holdings Corporation
Sears Holdings Corporation (NASDAQ: SHLD) is a leading integrated retailer focused on seamlessly connecting the digital and physical shopping experiences to serve our members – wherever, whenever and however they want to shop. Sears Holdings is home to Shop Your Way®, a social shopping platform offering members rewards for shopping at Sears and Kmart as well as with other retail partners across categories important to them. The Company operates through its subsidiaries, including Sears, Roebuck and Co. and Kmart Corporation, with full-line and specialty retail stores across the United States. For more information, visit www.searsholdings.com.
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SOURCE: Sears Holdings Corporation