https://www.usatoday.com/story/money/2018/02/01/sears-turns-ceo-borrow-money-again/1088213001/
Just wondering what is left to secure the loans with? You know Eddie isn't lending money unsecured.
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Stock is down to 2.35 and was as low as 2.31
He pumps in 200 million and the stock drops like a rock .
Who has the over / under for Feb 14, 2018 ?
Patience
The stock is already worthless. If Eddie and Bruce didnt own such a large percentage of the stock to keep it propped up then this stock would have been at .02 long ago.
@RxpduGK-mvz - If what you're saying is true about the Amendment to the Term Loan Credit Agreement, then we should expect to see SHLD credit be downgraded to default any time soon thereby making the stock completely worthless.
Wonder if Eddie is getting SYW points or 5 3 2 1 on these loans.
Don't you get it? There is value in the real estate! There's a vault full of gold bullion below each moldy, asbestos-riddled store in disrepair, often located in a commercially unviable area, you see!
Not completely accurate; but the USA article does say the majority was borrowed from ESL.
However; $100 million of that was already borrowed in the past; with terms that allowed an additional $30 million; which Sears used. So $130 million dollars of an already declared loan; which has been fully consumed!
Only an additional $80 million is a new addition to an existing Term Loan; and only $ 20 million of that is from ESL!
To quote the actual terms:
On January 29, 2018, the Company, the Borrowers, the Initial Lenders, certain other lenders and the Agent entered into an Amendment to the Term Loan Credit Agreement (the “Amendment”), pursuant to which an additional $20 million was borrowed from the Initial Lenders and a further $60 million was borrowed from certain unaffiliated lenders, bringing the total amount borrowed under the Term Loan Facility to date to $210 million. The Amendment, among other changes, separates the loans under the Term Loan Facility into two tranches.