Sears subsidiary SRAC begins tender offers for 7% notes due 2042

15 Jun '05

3 min read

Broadline retailer Sears Roebuck Acceptance Corp. ("SRAC"), a direct wholly-owned finance subsidiary of Sears, Roebuck and Co and an indirect wholly-owned subsidiary of Sears Holdings Corporation announced the results of its tender offers to purchase for cash any and all of its outstanding 7% Notes due 2042 (CUSIP Number 812404408) and its outstanding 7.4% Notes due 2043 (CUSIP Number 812404507) (the "Offers"). The Offers expired at 5:00 p.m. New York City time, on Monday June 13, 2005 (the "Expiration Time").

As of the Expiration Time, $56,264,100 aggregate principal amount of the 7% Notes (representing 50.5% of the outstanding 7% Notes) had been validly tendered and not withdrawn and $43,025,250 aggregate principal amount of the 7.4% Notes (representing 46.1% of the outstanding 7.4% Notes) had been validly tendered and not withdrawn. As a result of the tender offer, $55,089,325 aggregate principal amount of the 7% Notes and $50,370,025 aggregate principal amount of the 7.4% Notes will remain outstanding. The settlement is expected to occur on June 16, 2005.

Merrill Lynch & Co. served as dealer manager for the Offers, and Global Bondholder Services Corporation served as the information agent and the depositary. As of June 2, 2005 the Notes were delisted from the NYSE and the periodic reporting obligations of SRAC, including reporting with respect to Sears as guarantor of the Notes, under the Securities Exchange Act of 1934, as amended, were suspended.

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