Sears Canada Enters Into Credit Agreement
March 21 2017 - 9:26AM
PR Newswire (Canada)
TORONTO, March 21, 2017 /CNW/ - Sears Canada Inc. (TSX:
SCC; NASDAQ: SRSC) (the "Corporation") announced today that it has
entered into a Credit Agreement with KKR Capital Markets LLC and
GACP Finance Co., LLC as Joint Lead Arrangers for a five-year
secured term loan of up to $300
million. The loan is available in two tranches.
The first tranche of $125 million has
been drawn in full today. A second delayed-draw tranche of up
to an additional $175 million may be
drawn at the Corporation's option, depending on mutually agreed
assets being contributed to the borrowing base. The loan will
be available for general corporate purposes.
About Sears Canada
Sears Canada is a multi-channel retailer with a
network that includes 140 corporate stores, 71 Hometown stores,
over 900 catalogue and online merchandise pick-up locations, 69
Sears Travel offices and a nationwide repair and service network.
The Company also publishes Canada's most extensive general merchandise
catalogue and offers shopping online at www.sears.ca.
SOURCE Sears Canada Inc.
Copyright 2017 Canada NewsWire
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