Sears readies launch of $1 billion term loan for Wednesday

By Sara Rosenberg

New York, Sept. 16 - Sears Holdings Corp. will hold a bank meeting at 10 a.m. ET in New York on Wednesday to launch a $1 billion senior secured term loan due June 2018, according to a market source.

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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