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Sears launches $1 billion term loan at Libor plus 450-475 bps
By Sara Rosenberg
New York, Sept. 18 - Sears Holdings Corp. launched on Wednesday its $1 billion senior secured term loan due June 2018 with price talk of Libor plus 450 basis points to 475 bps with a 1% Libor floor and an original issue discount of 99, according to a market source.
The loan has 101 soft call protection for one year, the source said.
Bank of America Merrill Lynch is the lead bank on the deal.
Proceeds will be used to pay down borrowings under the company's existing $3,275,000,000 asset-based revolving credit facility.
Sears is a Hoffman Estates, Ill.-based retailer.
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