Find Real Estate Agents and Homes for Sale


Real Estate News --> California News

Sears Extends Debt Maturity, Plans to Sell More Real Estate


Please log in, or register. Allbirds, a direct-to-consumer startup, filed its first trade dress infringement lawsuit in the Northern District of California against Steve Madden. This content is for Annual, Monthly and Limited members only. You can read up ...


Archived Story

Array ( [SERVER_SOFTWARE] => Apache [REQUEST_URI] => /sears-debt-maturity-credit-facility-real-estate-sale/ [USER] => sourcingjournal [HOME] => /var/home/sourcingjournal [ORIG_SCRIPT_NAME] => /php5-fpm-handler.fcgi [ORIG_PATH_TRANSLATED] => /home/sourcingjournal/sourcingjournalonline.com/www/index.php [ORIG_PATH_INFO] => /index.php [ORIG_SCRIPT_FILENAME] => /php-sourcingjournalonlinecom-ssl.fpm [SCRIPT_NAME] => /index.php [QUERY_STRING] => [REQUEST_METHOD] => GET [SERVER_PROTOCOL] => HTTP/1.1 [GATEWAY_INTERFACE] => CGI/1.1 [REDIRECT_URL] => /index.php [REMOTE_PORT] => 65106 [SCRIPT_FILENAME] => /home/sourcingjournal/sourcingjournalonline.com/www/index.php [SERVER_ADMIN] => [no address given] [DOCUMENT_ROOT] => /home/sourcingjournal/sourcingjournalonline.com/www [REMOTE_ADDR] => 97.74.65.106 [SERVER_PORT] => 443 [SERVER_ADDR] => 204.187.12.136 [SERVER_NAME] => sourcingjournalonline.com [SERVER_SIGNATURE] => [PATH] => //bin:/usr/local/sbin:/usr/local/bin:/sbin:/bin:/usr/sbin:/usr/bin:/usr/bin:/usr/sbin [HTTP_ACCEPT_ENCODING] => gzip,deflate [HTTP_HOST] => sourcingjournalonline.com [HTTP_CONNECTION] => close [HTTP_USER_AGENT] => ColdFusion [SSL_TLS_SNI] => sourcingjournalonline.com [HTTPS] => on [UNIQUE_ID] => WjYMqsy7DIgAAEschswAAAAS [REDIRECT_STATUS] => 200 [REDIRECT_HANDLER] => php5-fcgi [REDIRECT_SSL_TLS_SNI] => sourcingjournalonline.com [REDIRECT_HTTPS] => on [REDIRECT_UNIQUE_ID] => WjYMqsy7DIgAAEschswAAAAS [REDIRECT_REDIRECT_STATUS] => 200 [REDIRECT_REDIRECT_SSL_TLS_SNI] => sourcingjournalonline.com [REDIRECT_REDIRECT_HTTPS] => on [REDIRECT_REDIRECT_UNIQUE_ID] => WjYMqsy7DIgAAEschswAAAAS [FCGI_ROLE] => RESPONDER [PHP_SELF] => /index.php [REQUEST_TIME_FLOAT] => 1513491626.2023 [REQUEST_TIME] => 1513491626 ) "> jQuery(function(){ var overlay = jQuery('); overlay.show(); overlay.appendTo(document.body); jQuery('.popup').show(); jQuery('.close').click(function(){ jQuery('.popup').hide(); overlay.appendTo(document.body).remove(); return false; }); jQuery('.x').click(function(){ jQuery('.popup').hide(); overlay.appendTo(document.body).remove(); return false; }); }); Welcome to Sourcing Journal This article is for members onlyRead it FREE!with a Limited-level subscription. Subscribe Here OR Login Go to Home Page Sears Extends Debt Maturity, Plans to Sell More Real Estate by Caletha Crawford Posted on December 13, 2017 in News, Retail Sears Holdings ends the year as it began it, by kicking the can down the road in an attempt to remain liquid. The retail group announced yesterday that it would be extending the maturity of its existing term loan from June 2018 to January 2019 with an option to extended it out to July 2019Sears reportedly repaid $570 million of its term loan in 2017. Additionally, Sears plans to obtain a new secured credit facility using 138 formerly ring-fenced properties, which were released through an agreement with the Pension Benefit Guaranty Corporation, as collateral in the amount of $607 millionThe company intends to use $407 million to fund its pension plans and for “general corporate purposes.” With that payment into the plans, Sears will have fulfilled its obligation for plan contributions for two yearsThe retailer plans to repay the credit facility through the sale of the properties. “The extension of the Term Loan improves our short-term debt maturity profile, while the credit facility associated with the PBGC agreement will support our continued commitment to the Company’s pension plans while enhancing our financial flexibility,” said Rob Riecker, Sears Holdings’ chief financial officer. Riecker also added “In addition to the liquidity actions announced today, we remain focused on improving our performance by diversifying the Company’s revenue streams….” The company is exploring third-party partnerships and it continues to lean heavily on its Shop Your Way rewards platformIt has also been on a cost cutting tear to the tune of $1.25 billion this yearThe retailer had closed 326 doors through the end of the third quarter, which Sears has blamed for its sales declines each quarter. This content is for Annual, Monthly and Limited members onlyYou can read up to five free articles each month with a Limited Level SubscriptionPlease log in, or register.Log In Register

Trending California News:


  • California Almonds: REIT Buys 2,485 Orchard Acres In Stanislaus, Merced Counties
  • Baby boomers head by the hundreds to Sacramento ‘active-adult’ communities
  • California Inc.: Jay-Z album comes with streaming-service string attached
  • Real Estate Investor Edition Launched By Global Real Estate Licence
  • Redwood City, CA Homes For Sale & Real Estate
  • Loja Real Estate Sells Eleven Properties for $218 Million
  • California FHA Home Loans Can Save Thousands for Those Who Apply before June 3, 2013
  • Trump and GOP playing politics with California wildfire disaster
  • Alexandria Leases to NIH - Analyst Blog
  • Robert Durst pleads not guilty to weapons charge
  • Feds crack down on foreclosure auction scams
  • How will sea level rise affect real estate values?
  • Economist: Marin real estate sales, prices will flourish in 2013
  • Real Estate Rumors: Landesbank, YouTube, Rockrose
  • Taxes on $59M Montana island estate protested
  • Pacific Union International Real Estate to Mark a Quarter of a Century of Bay Area Philanthropy
  • Renovated california bungalow at 379 Albion St, Brunswick heads to auction
  • Higher Taxes And Cost Of Living Forcing Many California Residents To Relocate
  • How this real estate agency nearly tripled sales in 2016
  • The Hensley Group, Inc Selected For "America's Best Real Estate Agents 2013 - California Teams"