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Sears to repay revolver borrowings with secured notes proceeds
By Sara Rosenberg
New York, Sept. 28 - Sears Holdings Corp. plans on repaying debt under its senior secured revolving credit facility using proceeds from a $500 million senior secured notes offering, according to a news release.
Remaining proceeds will be used to fund working capital requirements of the company's businesses and capital expenditures and for general corporate purposes, including common share repurchases and pension funding obligations.
Concurrent with the closing of the proposed sale of the notes, it is expected that the company will offer $165 million of notes to its domestic pension plan in a private placement.
Sears is a Hoffman Estates, Ill.-based retailer.
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