Sears completes sale of $600 million in securities

Sears, Roebuck and Co., the nation's second-largest retailer, has completed the sale of $600 million of AAA-rated credit card-backed securities.

The debt, with an average maturity of five years, was priced at 18 basis points over one-month Libor.

Lead underwriter for the offering was Deutsche Banc Alex. Brown, with co-managers including Credit Suisse First Boston, Merrill Lynch & Co., Morgan Stanley Dean Witter and J.P. Morgan Chase.

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