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Sears plans to offer $500 million in notes


Hoffman Estates, Ill. Sears Holdings Corp., owner of the Sears and Kmart retail chains, said Tuesday it plans to privately offer $500 million in senior secured notes due 2018.

At the same time, it expects to offer $165 million in notes to its domestic pension plan in a private placement.

Net proceeds will be used to repay debt, fund working capital, capital expenditures and general corporate purposes, including share buybacks and pension funding obligations.

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