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Sears completes new bank facility

Sears, Roebuck and Co.'s wholly owned finance subsidiary, Sears Roebuck Acceptance Corp. (SRAC), has successfully completed a new $2 billion syndicated bank facility.

The committed 3-year unsecured revolving credit facility will replace SRAC's current 364-day facility, which was scheduled to expire later this month. The new facility will be used to support SRAC's commercial paper program, as well as being available for general corporate purposes.

"We are very pleased to have received excellent participation from the financial community in this transaction," said Glenn Richter, Sears' executive vice president and chief financial officer.

"The facility was significantly oversubscribed, which allowed the company to increase the size of the facility by a third from an initial $1.5 billion target at launch. The strong sponsorship of this transaction demonstrates confidence in Sears' future and its solid financial condition."

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