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Sears Holdings Corporation Completes $1.0 Billion Term Loan Borrowing

    Sears Holdings Corporation Completes $1.0 Billion Term Loan Borrowing

PR Newswire

HOFFMAN ESTATES, Ill., Oct. 2, 2013

HOFFMAN ESTATES, Ill., Oct. 2, 2013 /PRNewswire/ --Sears Holdings Corporation
(NASDAQ: SHLD) today announced that its wholly owned subsidiaries Sears
Roebuck Acceptance Corp. and Kmart Corporation have borrowed $1.0 billion
under a new a senior secured term loan facility (the "Incremental Term Loan")
under the Company's existing Second Amended and Restated Credit Agreement,
dated as of April 8, 2011 (the "Existing Credit Agreement"). In addition to
the Incremental Term Loan, the Existing Credit Agreement continues to provide
for a $3.275 billion asset-based revolving credit facility (the "Revolving
Facility").

The Company can elect for the Incremental Term Loan to bear interest at a rate
of LIBOR (subject to a 1.00% floor) plus a margin of 4.50%, or at a "base
rate" plus a margin of 3.50%. The Incremental Term Loan is secured by the
same collateral as the Revolving Facility on a pari passu basis with the
Revolving Facility and guaranteed by the same subsidiaries of the Company that
guarantee the Revolving Facility, and matures in June 2018. The Revolving
Facility continues to be scheduled to expire on April 8, 2016.

The net proceeds of the Incremental Term Loan were used to reduce borrowings
under the Revolving Facility, which resulted in borrowings outstanding under
the Revolving Facility of approximately $1.0 billion.

Forward-Looking Statements

This press release contains forward-looking statements about our domestic
credit facility. 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.

About Sears Holdings Corporation

Sears Holdings Corporation (NASDAQ: SHLD) is a leading integrated retailer
with almost 2,500 full-line and specialty retail stores in the United States
and Canada and the home of SHOP YOUR WAY, a social shopping experience where
members have the ability to earn points and receive benefits across a wide
variety of physical and digital formats through ShopYourWay.com. Sears
Holdings is the leading home appliance retailer as well as a leader in tools,
lawn and garden, fitness equipment and automotive repair and maintenance. Key
proprietary brands include Kenmore, Craftsman and DieHard, with a broad
apparel offering, including such well-known labels as Lands' End, the
Kardashian Kollection, Jaclyn Smith and Joe Boxer, as well as Sofia by Sofia
Vergara and The Country Living Home Collection. We are the nation's largest
provider of home services, with more than 14 million service and installation
calls made annually, and have a long-established commitment to those who serve
in the military through initiatives like the Heroes at Home program. We have
been named the 2011 Mobile Retailer of the Year, Recipient of the 2013 ENERGY
STAR® "Partner of the Year - Sustained Excellence Award" for Product Retailing
and Energy Management and one of the Top 20 Best Places to Work for Recent
Grads. Sears Holdings Corporation operates through its subsidiaries, including
Sears, Roebuck and Co. and Kmart Corporation. For more information, visit
Sears Holdings' website at www.searsholdings.com. Twitter: @searsholdings ||
Facebook: http://www.facebook.com/SHCCareers.

NEWS MEDIA CONTACT:
Sears Holdings Public Relations
(847) 286-8371

SOURCE Sears Holdings Corporation

Website: http://www.searsholdings.com
 
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