Sears Accept Nts 7.0 (NYSE:SRJ)
Historical Stock Chart
From Jun 2019 to Jun 2024
![Click Here for more Sears Accept Nts 7.0 Charts. Click Here for more Sears Accept Nts 7.0 Charts.](/p.php?pid=staticchart&s=NY%5ESRJ&p=8&t=15)
Sears Roebuck Acceptance Corp. Commences Tender Offers for 7%
Notes Due 2042 and 7.40% Notes Due 2043
GREENVILLE, Del., May 13 /PRNewswire/ -- Sears Roebuck Acceptance Corp.
("SRAC"), a direct wholly-owned finance subsidiary of Sears, Roebuck and Co.
and an indirect wholly-owned subsidiary of Sears Holdings Corporation
(NASDAQ:SHLD), announced today that it has commenced tender offers to purchase
for cash any and all of its outstanding 7% Notes due 2042
(NYSE:SRJNYSE:andNYSE:CUSIPNYSE:NumberNYSE:812404408) at a fixed price of
$25.65 per $25 principal amount of the 7% Notes and for any and all of its
outstanding 7.40% Notes due 2043
(NYSE:SRLNYSE:andNYSE:CUSIPNYSE:NumberNYSE:812404507) at a fixed price of
$25.75 per $25 principal amount of the 7.40% Notes (the "Offers"). These fixed
prices include all accrued and unpaid interest; no additional interest will be
paid on the tendered Notes. The 7% Notes have an aggregate principal amount
outstanding of approximately $111 million, and the 7.40% Notes have an
aggregate principal amount outstanding of approximately $94 million.
The Offers are made upon the terms and subject to the conditions set forth in
the Offer to Purchase dated May 13, 2005 and related documents. Each Offer
will expire at 5:00 p.m. New York City time on Monday, June 13, 2005 unless
earlier extended or terminated. Settlement is expected to occur within three
business days of the acceptance of Notes tendered into the Offer. Each of the
Offers is independent of and not conditioned upon the other Offer. Each Offer
may be amended, extended or terminated individually. The Offers are not
conditioned on any minimum amount of Notes being tendered.
Merrill Lynch & Co. will act as dealer manager and Global Bondholder Services
Corporation will act as information agent and depositary for the Offers. If a
holder of the 7% Notes or 7.4% Notes desires to tender those securities
pursuant to the Offers, the holder may do so by following the instructions in
the offering documents.
SRAC announced earlier this week that it had filed an application to
voluntarily delist all of its debt securities that are currently listed on the
New York Stock Exchange and deregister these securities with the Securities and
Exchange Commission. The securities to be delisted and deregistered are the 7%
Notes and 7.40% Notes and SRAC's 6.75% Notes due September 2005 (NYSE:SRAC05).
SRAC expects the delisting to be effective in the beginning of June 2005. Upon
delisting of these debt securities, SRAC expects the suspension of its
reporting obligations, and the related reporting obligations with respect to
the guarantor of the debt, Sears, Roebuck and Co., under the federal securities
laws to occur as soon as practicable following the delisting and prior to the
expiration of the Offers.
This press release is neither an offer to purchase nor a solicitation of an
offer to sell the 7% Notes or the 7.40% Notes. The Offers are made only on the
terms and subject to the conditions described in the offering documents that
SRAC is distributing today. Holders of the 7% Notes or the 7.40% Notes with
questions about the Offers should call Merrill Lynch & Co. toll-free at
888-654-8637 or the information agent toll-free at 866-612-1500. Holders who
want copies of the offering documents should call the information agent toll-
free at 866-612-1500.
About Sears Holdings Corporation
Sears Holdings Corporation is the nation's third largest broadline retailer,
with approximately $55 billion in annual revenues, and with approximately 3,800
full-line and specialty retail stores in the United States and Canada. Sears
Holdings is the leading home appliance retailer as well as a leader in tools,
lawn and garden, home electronics and automotive repair and maintenance. Key
proprietary brands include Kenmore, Craftsman and DieHard, and a broad apparel
offering, including such well-known labels as Lands' End, Jaclyn Smith and Joe
Boxer, as well as the Apostrophe and Covington brands. It also has Martha
Stewart Everyday products, which are offered exclusively in the U.S. by Kmart
and in Canada by Sears Canada. The company is the nation's largest provider of
home services, with more than 14 million service calls made annually. For more
information, visit Sears Holdings' website at http://www.searsholdings.com/ .
About Sears, Roebuck and Co.
Sears, Roebuck and Co., a wholly owned subsidiary of Sears Holdings Corporation
(NASDAQ:SHLD), is a leading broadline retailer providing merchandise and
related services. Sears, Roebuck offers its wide range of home merchandise,
apparel and automotive products and services through more than 2,400
Sears-branded and affiliated stores in the United States and Canada, which
includes approximately 870 full-line and 1,100 specialty stores in the U.S.
Sears, Roebuck also offers a variety of merchandise and services through
sears.com, landsend.com, and specialty catalogs. Sears, Roebuck offers
consumers leading proprietary brands including Kenmore, Craftsman, DieHard and
Lands' End -- among the most trusted and preferred brands in the U.S. The
company is the nation's largest provider of home services, with more than 14
million service calls made annually. For more information, visit the Sears,
Roebuck website at http://www.sears.com/ or the Sears Holdings Corporation
website at http://www.searsholdings.com/ .
About Sears Roebuck Acceptance Corp.
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. For more information, visit the
Sears Roebuck Acceptance Corp. website at http://www.sracweb.com/ .
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. Such statements include,
but are not limited to, statements about the delisting and deregistration of
the Notes and the suspension of SRAC's reporting obligation and the related
reporting obligation of Sears, Roebuck and Co. These statements are
forward-looking statements based on assumptions about the future that are
subject to risks and uncertainties, and actual results may differ materially
from those projected in the forward-looking statements. Such risks include
factors which are outside the control of Sears Holdings, Sears, Roebuck and
SRAC. These forward-looking statements speak only as of the time first made,
and no undertaking has been made to update or revise them as more information
becomes available. Additional discussion of certain risks and uncertainties
can be found in the 2004 Annual Reports on Form 10-K of Sears, Roebuck and Co.,
Kmart Holding Corporation and SRAC filed with the SEC and available at the
SEC's Internet site ( http://www.sec.gov/ ).
DATASOURCE: Sears Roebuck Acceptance Corp.
CONTACT: Chris Brathwaite of Sears, +1-847-286-4681
Web site: http://www.sracweb.com/
http://www.searsholdings.com/
http://www.sears.com/