Sears borrows $100M from CEO Lampert for 'general corporate purposes'
In a regulatory filing, Sears said that on October 4, the company entered into an Amended and Restated Loan Agreement. Pursuant to the Amended and Restated Loan Agreement, the Borrowers borrowed an additional $100M from the Lenders. After giving effect to the Initial Incremental Loan, the aggregate principal amount outstanding under the Amended and Restated Loan Agreement was $499.4M. Edward S. Lampert, the company's CEO and Chairman, is the sole stockholder, CEO and director of ESL Investments, Inc., which controls JPP, LLC and JPP II, LLC. Subject to the satisfaction of certain conditions, including pledging additional properties or other assets as collateral, up to an additional $100Mmay be drawn by the Company prior to December 1, 2017. The Incremental Loans mature on April 3, 2018. The original loans under the Amended and Restated Loan Agreement continue to mature on July 20, 2020. The company expects to use the proceeds of the Incremental Loans for general corporate purposes.