Sears Canada to tap $300 mln in credit from KKR affiliate, GACP

Retailer Sears Canada Inc (TSX: SCC) has entered into a credit agreement with KKR Capital Markets LLC, an affiliate of Kohlberg Kravis Roberts & Co, and GACP Finance Co LLC for a five-year secured term loan of up to US$300 million. The loan, to be used for general corporate purposes, will be available in two tranches. The first tranche of US$125 million was drawn in full this week. One of Sears Canada's largest shareholders in ESL Investments, the U.S. hedge fund manager led by Edward Lampert.

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