Sears Roebuck Acceptance Corp. Closes $2.0 Billion Syndicated Bank Facility

Sears, Roebuck and Co. (NYSE: S) announced today that its wholly owned finance subsidiary, Sears Roebuck Acceptance Corp. (SRAC), has successfully completed a new $2.0 billion syndicated bank facility. The committed 3-year unsecured revolving credit facility, which closed today, will replace SRAC's current 364-day facility, which was scheduled to expire later this month. The new facility will be used to support SRAC's commercial paper program, as well as being available for general corporate purposes.

The facility was co-arranged by Citigroup Global Markets, Inc. and Barclays Capital, the Investment Banking Division of Barclays Bank PLC, which also acted as joint book runners, and was broadly syndicated among 33 participants.

"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."

SRAC is a wholly owned finance subsidiary of Sears, Roebuck and Co. It raises funds through the issuance of unsecured commercial paper and long-term debt, which includes medium-term notes and discrete underwritten debt. SRAC continues to support 100% of its outstanding commercial paper through its investment portfolio and committed credit facilities.

SOURCE: Sears, Roebuck and Co.

CONTACT: Chris Brathwaite of Sears, +1-847-286-4681

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