Sears receives $500M in Land’s End spin-off

Hoffman Estates, Ill. - Sears Holdings Corporation completed its spin-off of Lands' End from Sears Holdings, and Lands' End stock is expected to begin regular-way trading on the Nasdaq under the symbol "LE" today.

Sears Holdings will continue to be listed on the Nasdaq under the symbol "SHLD."

Sears Holdings received $500 million in gross proceeds from the spin-off from a cash dividend paid by Lands' End.

In the spin-off, Sears Holdings distributed a total of approximately 32 million shares of Lands' End common stock to the holders of Sears Holdings common stock.

In addition, as part of the spin-off, Lands' End entered into an asset-based senior secured revolving credit facility, which provides for maximum borrowings of approximately $175 million with a letter of credit sub-limit, and a senior secured term loan facility of approximately $515 million. The proceeds of the term loan facility were used to pay the $500 million dividend to the Sears Holdings subsidiary and to pay fees and expenses associated with the foregoing facilities of approximately $10 million, with the remaining proceeds to be used by Lands' End for general corporate purposes.

Home Textiles Today Staff | News & Commentary

Home Textiles Today is the market-leading brand covering the home and textiles markets, offering a comprehensive package of print and online products. Home Textiles Today provides industry news, product trends and introductions, exclusive industry research, consumer data, store operations solutions, trade show news and much more.

Research Store

Featured Video

Subscribe to
Home Textiles Today eDaily
Receive the news you need to know about the trends in the industry delivered right to your inbox.

CURRENT ISSUE

HTT November 2017 cover

See the November 2017 issue of Home Textiles Today. In this issue, we look at Complex Colors, Complex Times--Trend forecasters and interior designers weigh in on 2018 palettes and motifs.  Other articles include: Data: Exclusive HTT soft window research; Innovation: Material Changes conference preview; Country report: India invests in the future and Fabrics: Showtime preview.  See details!