A Sears store.

Sears Holdings Corp. got a little more breathing room following an agreement to extend the maturity of its existing Term Loan.

The Term Loan was set to mature in June 2018, and will now mature in January 2019. Sears also has the option to further extend the maturity to July 2019.

Sears said that in the current fourth quarter, it has paid down the Term Loan by $325 million, reducing the outstanding balance to $400 million. The company’s total Term Loan repayment during 2017 is $570 million.

Sears also said it plans to obtain a new secured credit facility in connection with the agreement it reached with the Pension Benefit Guaranty Corp. last month. That agreement provides for the release of 138 properties. The new secured credit facility would be secured by the 138 properties, with the facility a $407 million first lien tranche plus a second lien tranche of up to $200 million. Sears said the net proceeds would fund the payment due to the PBGC, as well as for general corporate purposes.

Rob Riecker, Sears’ chief financial officer, said, “As indicated in our third-quarter earnings announcement, we have taken further action to provide the company with additional financial flexibility as we enter 2018.”

Riecker said the company will continue to explore options in connection with its debt maturities so it can reduce cash interest payments and provide Sears with great flexibility.