Home / Knowledge / News / Apparel/Garments / Sears Holdings completes $1bn term loan borrowing
Sears Holdings completes $1bn term loan borrowing
05
Oct '13
Sears Holdings Corporation announced that its wholly owned subsidiaries Sears Roebuck Acceptance Corp. and Kmart Corporation have borrowed $1.0 billion under a new a senior secured term loan facility under the Company's existing Second Amended and Restated Credit Agreement, dated as of April 8, 2011.

In addition to the Incremental Term Loan, the Existing Credit Agreement continues to provide for a $3.275 billion asset-based revolving credit facility.

The Company can elect for the Incremental Term Loan to bear interest at a rate of LIBOR (subject to a 1.00% floor) plus a margin of 4.50%, or at a "base rate" plus a margin of 3.50%. 

The Incremental Term Loan is secured by the same collateral as the Revolving Facility on a pari passu basis with the Revolving Facility and guaranteed by the same subsidiaries of the Company that guarantee the Revolving Facility, and matures in June 2018.  The Revolving Facility continues to be scheduled to expire on April 8, 2016.

The net proceeds of the Incremental Term Loan were used to reduce borrowings under the Revolving Facility, which resulted in borrowings outstanding under the Revolving Facility of approximately $1.0 billion.

Sears Holdings


Must ReadView All

Courtesy: Fancycrave.com from Pexels

Apparel/Garments | On 22nd Jun 2018

EU's retaliatory duty on US apparel takes effect

As part of the three-pronged response outlined by the European...

NCC applauds House passage of farm legislation

Textiles | On 22nd Jun 2018

NCC applauds House passage of farm legislation

The National Cotton Council (NCC) of the US has welcomed the passage...

Courtesy: Roman Pohorecki from Pexels

Apparel/Garments | On 22nd Jun 2018

UK launches inquiry on sustainability of fashion industry

The Environmental Audit Committee of the UK Parliament has launched...

Interviews View All

Top executives
Textile industry

Knowledge sharing platform needed for sustainable water management

Riddhika Shah
SS Homme

'Worsted wool is the ideal fabric for menswear'

Yashiki Gumber
Sahiba Fabrics

Fabric does not restrict us from fashion trends

Rajat Jaipuria

Activewear brand Soul Space promotes organic cotton farming and...

Tom Adeyoola

Describing itself as the best body shape and garment fit company in the...

Akshat Chaudhary

Aizome, Asia's first Fairtrade denim brand, is all set to launch next...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Adriano Goldschmied
AG Jeans

The hype around 'designer jeans' was created by him. And the new wave of...

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


June 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search