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Sears amends credit agreement, takes new loans

Jason Aycock,

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In an SEC filing, Sears Holdings (NASDAQ:SHLD) says it's amended its credit agreement to increase the loan-to-value cap on some loans, and arranges for $45M in new loans.

Those come in exchange for a like principal amount of outstanding 6 5/8% senior secured notes due 2018, which were canceled.

The LTV cap on a secured loan as well as mezzanine loans is raised to 69% from 55%.

And an additional mezzanine loan of $50M takes effect, bringing total outstanding under the Mezzanine Loan Agreement to $438.2M.

Shares are down 0.9% after hours.