Sears fetches $446.5M in proceeds from offering
SUN-TIMES STAFF October 11, 2012 4:06PM
Updated: November 13, 2012 6:30AM
Sears received about $446.5 million in gross proceeds from an offering tied to the spinoff of its Hometown and Outlet stores. Shares will begin trading Friday on the Nasdaq under the SHOS ticker symbol.
Hoffman Estates-based Sears Holdings Corp. had signaled in February that it would split off the companies as a separate publicly traded entity.
The company distributed 23.1 million shares to rights holders.
The rights offering expired Monday and more than 95 percent of the options were exercised.
Sears Hometown took out a $250 million line of credit and used $100 million of it to pay a cash dividend to Sears Holdings, the company said.
Sears, which also owns Kmart, has been looking at selling real estate and spinning off assets to try to regain profitability.