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Sears completes exchange offers for $384M in old notes

U.S. department store operator Sears Holdings Corp. said March 21 that it completed its previously announced exchange offers for its outstanding 8% senior unsecured notes due 2019 and outstanding 6.625% senior secured notes due 2018 for new notes due 2019.

The company said it validly tendered, accepted and canceled about $214 million of its old senior unsecured notes and about $170 million of its old senior secured notes.

New convertible notes were issued in their place, and Sears can repay the interest on the notes with fresh notes. The new senior unsecured notes were issued at approximately $8.33 in principal amount per share at a conversion prices of 120 shares per $1,000 in principal debt. The new senior secured notes were issued at $5 in principal amount per share at a conversion price of 200 shares per $1,000 in principal debt.

Company subsidiary Sears Roebuck Acceptance Corp. also began a negotiated exchange with third parties holding approximately $100 million in principal amount of senior unsecured notes that will mature between 2027 and 2043, the company said.

The company expects that these exchanges can reduce its quarterly cash interest expenses by about $15 million.