Sears secures up to $200 million standby letter-of-credit facility

By Tali Rackner

Norfolk, Va., Dec. 29 – Sears Holdings Corp. secured an up to $200 million standby letter-of-credit facility that provides additional liquidity to fund operations, according to a Thursday press release.

The facility may be expanded by up to an additional $300 million.

The facility was provided by JPP, LLC and JPP II, LLC, affiliates of ESL Investments, Inc., with Citibank, NA serving as administrative agent and issuing bank.

Sears is a Hoffman Estates, Ill.-based retailer.

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