Sears Holdings Announces Final Tender Results Of Cash Tender Offer For 6 5/8% Senior Secured Notes Due 2018
OREANDA-NEWS. Sears Holdings Corporation ("we," "us," "our," or the "Company") (Nasdaq: SHLD) today announced the final tender results of its previously announced tender offer (the "Offer") to purchase for cash up to $1,000,000,000 principal amount of its outstanding 6 5/8% Senior Secured Notes Due 2018 (the "Notes"). As of 11:59 p.m., New York City time, on August 28, 2015 (the "Expiration Date"), approximately $936.2 million principal amount of the Notes were validly tendered and not validly withdrawn in the Offer, including approximately $0.6 million principal amount of the Notes that were validly tendered and not validly withdrawn after the early tender date of August 14, 2015 (the "Early Tender Date") and at or prior to the Expiration Date.
The terms and conditions of the Offer are set forth in an Offer to Purchase (the "Offer to Purchase") and related Letter of Transmittal (the "Letter of Transmittal"), each dated August 3, 2015. Consummation of the Offer, and payment for the tendered Notes, is subject to the satisfaction or waiver of certain conditions described in the Offer to Purchase.
Subject to the terms and conditions of the Offer, the Company expects that it will accept for purchase all of the Notes validly tendered and not validly withdrawn pursuant to the Offer at or prior to the Expiration Date and not previously accepted for purchase.
Holders who validly tendered and did not validly withdraw Notes at or prior to the Early Tender Date received the "Total Consideration" of $990 per $1,000 principal amount of Notes that were accepted for purchase, which included an early tender payment of $30 per $1,000 principal amount of Notes accepted for purchase, plus accrued and unpaid interest up to, but excluding, the settlement date. Holders who validly tendered and did not validly withdraw Notes after the Early Tender Date but at or prior to the Expiration Date will receive the "Tender Offer Consideration" of $960 per $1,000 principal amount of Notes accepted for purchase, plus accrued and unpaid interest up to, but excluding, the settlement date.
The settlement for those Notes validly tendered and not validly withdrawn after the Early Tender Date, and at or prior to the Expiration Date, and accepted by the Company is currently expected to be Monday, August 31, 2015. Notes tendered pursuant to the Offers may no longer be withdrawn, unless otherwise required by law.
Jefferies LLC (the "Dealer Manager") is serving as Dealer Manager for the Offer. Questions regarding the Offer may be directed to the Dealer Manager at (877) 877-0696 (toll free) or (212) 284-2435 (collect). Requests for the Offer to Purchase or the Letter of Transmittal or the documents incorporated by reference therein may be directed to D.F. King & Co., Inc., which is acting as the Tender Agent and Information Agent ("Tender and Information Agent") for the Offer, at the following telephone numbers: banks and brokers, (212) 269-5550; all others, toll free at (800) 330-5136.
About Sears Holdings Corporation
Sears Holdings Corporation (NASDAQ: SHLD) is a leading integrated retailer focused on seamlessly connecting the digital and physical shopping experiences to serve our members - wherever, whenever and however they want to shop. Sears Holdings is home to Shop Your Way®, a social shopping platform offering members rewards for shopping at Sears and Kmart as well as with other retail partners across categories important to them. The Company operates through its subsidiaries, including Sears, Roebuck and Co. and Kmart Corporation, with full-line and specialty retail stores across the United States.
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