Sears to raise up to $625 mln through notes offering

Mon Oct 20, 2014 6:42am EDT

Oct 20 (Reuters) - Struggling retailer Sears Holdings Corp said it would raise up to $625 million through a rights offering of senior notes due 2019 and warrants to buy shares.

Sears Chief Executive Eddie Lampert and his hedge fund, ESL Investments Inc and certain affiliated funds, plan to exercise their rights, the company said in a statement.

Sears said this month that it would raise up to $380 million by lowering its stake in Sears Canada to 12 percent from 51 percent through a rights offering. (Reporting by Sruthi Ramakrishnan in Bangalore; Editing by Kirti Pandey)

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