By  on March 14, 2018

Sears Holdings Corp. said it completed a secured loan to enhance its liquidity at the same time it reported fourth-quarter results.

The loan — with gross proceeds of $440 million — helps the company unlock nearly $980 million of appraised asset values and is in connection with its agreement with the Pension Benefit Guaranty Corp. last year to prefund contributions to its pension plan for the next two years. The agreement releases 140 Sears properties so they can be sold. From the $440 million in proceeds, $407 million will be made to the PBGC to satisfy the company’s pension obligations. Sears said proceeds from the sale of the underlying properties would enable it to pay down the loan.

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