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Sears Holdings Announces Secured Standby Letter Of Credit Facility

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Sears Holdings Announces Steps To Enhance Liquidity, Stabilize Operating Performance

Sears Holdings Announces Steps To Enhance Liquidity, Stabilize Operating Performance*/

– HOFFMAN ESTATES, Ill., Jan. 5, 2017 /PRNewswire/ — Sears Holdings Corporation (NASDAQ: SHLD) today announced a series of additional strategic actions to increase its financial flexibility and improve long-term operating performance.These actions will facilitate the transformation of Sears from a store-based, asset-intensive business model into a membership-focused, asset-light business model.As such, the Board of Directors has determined to:Close an additional 150 non-profitable stores, comprised of 108 Kmart and 42 Sears stores, to stem losses;Enter into an agreement to sell the Craftsman business for a cumulative $775 million , together with use of a perpetual license for the Craftsman brand, royalty free for 15 years, and a 15-year royalty stream on all third-party Craftsman sales to new customers;, together with use of a perpetual license for the Craftsman brand, royalty free for 15 years, and a 15-year royalty stream on all third-party Craftsman sales to new customers; Generate up to $1 billion in liquidity through both a newly entered $500 million real estate backed loan, secured by real estate properties valued at over $800 million ; and a previously announced standby letter of credit facility of up to $500 million from certain affiliates of ESL Investments, Inc., issued by Citibank, N.A., each subject to the terms thereof;in liquidity through both a newly entered real estate backed loan, secured by real estate properties valued at over ; and a previously announced standby letter of credit facility of up to from certain affiliates of ESL Investments, Inc., issued by Citibank, N.A., each subject to the terms thereof; Market certain properties within the company’s real estate portfolio to further unlock value and increase liquidity.
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Sears Holdings Announces Secured Standby Letter Of Credit Facility

Sears Holdings Announces Secured Standby Letter Of Credit Facility*/

– Sears Holdings Announces Secured Standby Letter Of Credit Facility Dec 29, 2016HOFFMAN ESTATES, Ill., Dec. 29, 2016 /PRNewswire/ — Sears Holdings Corporation (NASDAQ: SHLD) today announced that it has obtained a secured standby letter of credit facility (the “LC Facility”), which provides the Company with additional liquidity to fund its operations.The LC Facility will allow the Company to request standby letters of credit in an initial amount of up to $200 million and may be expanded at the request of the Company and with the consent of the lenders under the facility by up to an additional $300 million.The LC Facility is being provided by JPP, LLC and JPP II, LLC, which are affiliates of ESL Investments, Inc., with Citibank, N.A.
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Sears Holdings Announces Secured Standby Letter Of Credit Facility

Sears Holdings Announces Secured Standby Letter Of Credit Facility*/

– HOFFMAN ESTATES, Ill., Dec. 29, 2016 /PRNewswire/ — Sears Holdings Corporation (NASDAQ: SHLD) today announced that it has obtained a secured standby letter of credit facility (the “LC Facility”), which provides the Company with additional liquidity to fund its operations.The LC Facility will allow the Company to request standby letters of credit in an initial amount of up to $200 million and may be expanded at the request of the Company and with the consent of the lenders under the facility by up to an additional $300 million.The LC Facility is being provided by JPP, LLC and JPP II, LLC, which are affiliates of ESL Investments, Inc., with Citibank, N.A.
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