newsflash
DEPARTMENT STORES
Why Sears Holding Corp Stock Popped Today
Shares of the retailer moved higher on an extended loan agreement.
Jeremy Bowman
(TMFHobo)
Jun 5, 2018 at 4:46PM
What happened
After a three-day slide, shares of Sears Holding Corp (NASDAQ:SHLD) were bouncing back today as the struggling retailer said it amended a loan agreement to give it more payback time. As a result, the stock was up 6.5% as of 3:21 p.m. EDT.
In a filing, Sears said it would extend the maturity date on a previous $593 million loan by two years to July 20, 2020, and that it would also receive an additional advance of $186 million, bringing the total loan to $779 million. The company said it would use the additional advance to pay back outstanding loans from a prior real estate loan facility, and the new loan is guaranteed by 69 Sears properties.
- The maturity date in July has been extended by two years.
Last edited: