Sears plans $1 billion debt facility

Hoffman Estates, Ill. -- Sears Holdings Corp. on Monday said it plans to obtain a senior secured term loan facility of up to $1 billion to help lower borrowings under its revolving credit facility.



The company said that the term loan would be issued under its existing credit agreement, which provides for a $3.28 billion revolving credit facility.



The term loan is expected to mature in June 2018.