Lampert is acquiring the debt through his hedge fund ESL Investments.
The loan is to help Sears Holding, which is the parent company of the Sears and Kmart department stores, pay down some of its older debt as consumers are leaving malls in favor of online shopping.
The company has lost more than $8 billion over the last five years, Reuters noted.
Terms of the loan are due to close on April 8, after which Sears will receive the proceeds.
Shares of Sears closed down by 1.53% to $14.77 on Monday afternoon.
Separately, TheStreet Ratings has set a "sell" rating and a score of D- on Sears Holding stock. This is driven by several weaknesses, which TheStreet Ratings believes should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks it covers.
The company's weaknesses can be seen in multiple areas, such as its unimpressive growth in net income, poor profit margins, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: SHLD