Loan extension amid holiday season gives Sears financial breathing room
December 12, 2017 | Lauren Zumbach | Chicago Tribune
Sears Holdings gained some breathing room amid the critical holiday shopping season with a pair of deals the struggling Hoffman Estates-based retailer said will give it more financial flexibility.
Sears paid down $325 million on a loan originally due midway through next year and entered into an agreement that gives it an extension to repay the remaining $400 million due, the company said Tuesday. That loan now matures in January 2019 but could be extended another six months.
The company also said it plans to get a new credit facility worth about $600 million, linked to a previously announced deal struck last month with the Pension Benefit Guaranty Corp., a federal agency that guarantees individuals’ pension plans.
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