Sears takes out $1 billion in term loans
Sears Holdings Corporation announced that its wholly owned subsidiaries, Sears Roebuck Acceptance Corp. and Kmart Corporation, have taken out a $1.0 billion loan.
The incremental term loan was enacted under a new senior secured term loan facility under the company’s existing credit agreement, titled Second Amended and Restated Credit Agreement dated April 8, 2011. The agreement continues to provide for a $3.275 billion asset-based revolving credit facility.
The net proceeds of the loan were used to reduce borrowings under the revolving facility, resulting in borrowings outstanding under the revolving facility of approximately $1.0 billion.
The loan matures in June 2018, while the revolving facility remains scheduled to expire on April 8, 2016.
Sears ranks third on the 2013 HCN Retailer Scoreboard, with estimated home improvement sales of $16.4 billion.
Southwest Fastener promotes Bobby Ramirez
Phoenix-based Southwest Fastener announced that Bobby Ramirez has been promoted from within the company to help strengthen the outside sales force.
Ramirez has 10 years of experience at Southwest Fastener. Within the company, he has worked his way up the ranks from warehouse team member to assistant warehouse manager, and eventually becoming the warehouse manager at Southwest Fastener.
The promotion comes at a time when Southwest Fastener is expanding to new locations in the southwest region of the United States and hiring more personnel, the company said.
“I am very excited to take on this new position and the challenges that come with it,” Ramirez said. “I think it will be fun developing relationships with new and existing customers.”
Chris Homeister appointed COO at The Tile Shop
Chris Homeister has been named COO at Minneapolis-based specialty tile retailing company Tile Shop Holdings, Inc., effective immediately. In this newly created role, Homeister will be responsible for supply chain, retail operations and merchandising.
Previously, Homeister was general manager and SVP of Best Buy’s Entertainment Business Group, which involved extensive leadership responsibilities.
"Chris has a very broad array of skills and extensive retail background that will significantly strengthen our management team and we warmly welcome him to The Tile Shop," said CEO Robert Rucker. "We believe that Chris’ experience and successes in leading and growing multi-billion dollar organizations at prominent retailers, coupled with his comprehensive experience in product development, retail, direct sourcing, and business development, will translate well at our Company."
Homeister also held senior executive roles in strategic planning and merchandising during his time at Best Buy. Before then, he was a VP at Gateway, during which time he led new product development initiatives and strategic alliances.