Illinois-based retailer Sears Holdings Corp. said Jan. 29 that it entered into an amended term loan credit agreement to borrow an additional $80 million under its term loan facility.
Sears borrowed $20 million of that total from JPP LLC and JPP II LLC, which are controlled by Sears CEO Edward Lampert's hedge fund, ESL Investments. The other $60 million came from "certain unaffiliated lenders."
The new borrowings bring the amount borrowed from Lampert to $210 million.
The department store operator initially borrowed $100 million from lenders under the original term loan credit agreement signed by both parties Jan. 4. The company secured an additional $30 million from lenders under the term loan facility Jan. 19.
The company will use the net proceeds from the loan facility for general corporate purposes, including repayment of loans, the statement added.
