Sears Holdings Announces $500M Private Offering

Sears Holdings Corporation

announced today that it plans to privately offer $500 million aggregate principal amount of senior secured notes due 2018. Concurrent with the closing of the proposed sale of the Notes described above, it is expected that the Company will offer $165 million aggregate principal amount of Notes to the Company's domestic pension plan in a private placement. The Company plans to use the net proceeds of the offering to repay borrowings under our senior secured revolving credit facility, to fund working capital requirements of our retail businesses, capital expenditures and for general corporate purposes, including common share repurchases and pension funding obligations.