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Sears Holdings Corporation Announces Intention To Obtain A $1.0 Billion Senior Secured Term Loan Facility

HOFFMAN ESTATES, Ill., Sept. 16, 2013 /PRNewswire/ -- Sears Holdings Corporation (NASDAQ: SHLD) today announced that it has provided notice to the administrative agent under the Company's existing Second Amended and Restated Credit Agreement, dated as of April 8, 2011 (the "Existing Credit Agreement"), that the Company intends to obtain a senior secured term loan facility of up to $1.0 billion (the "Incremental Term Loan").  If consummated, the Incremental Term Loan would be issued under the Existing Credit Agreement, which currently provides for a $3.275 billion asset-based revolving credit facility (the "Revolving Facility").  The Company intends to use the net proceeds of the Incremental Term Loan to reduce borrowings under the Revolving Facility.  The Incremental Term Loan is subject to obtaining lender commitments, as well as market and other conditions. 

The Incremental Term Loan is expected to be secured by a first lien on the same collateral as the Revolving Facility, guaranteed by the same subsidiaries of the Company that guarantee the Revolving Facility, to have a maturity date of June 2018 and to include other terms customary for similar term loans.

Forward-Looking Statements

This press release contains forward-looking statements about our intention to obtain the Incremental Term Loan. 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.

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