Sears completes new bank facility
May 24, 2004,
Sears, Roebuck and Co.'s wholly owned finance subsidiary, Sears Roebuck Acceptance Corp. (SRAC), has successfully completed a new $2 billion syndicated bank facility.
"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."