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Thursday, June 11, 2015

Sears REIT NYSE Seritage

For those of you that have been following the Sears financial issues.  Here is some recent news for you to digest.

Sears Holdings Corp's planned real estate investment trust, Seritage Growth Properties, filed for a $1.57 billion subscription rights offering that allows Sears shareholders to buy up to 53.3 million common shares of the REIT.
Under the terms of the rights offering, Sears is distributing to its stockholders, one transferable subscription right for every share of Sears common stock held as of 5:00 p.m. ET on June 11, 2015 (yes, that is today).  As per our understanding, the subscription right entitles the holder to buy one half of one common share of Seritage for each share of Sears Holdings common stock for $29.58 per whole share.  The subscription rights offering will expire on July 2, 2015.  Check with them for confirmation of the exact details.
The proceeds from the rights offering will be used to fund a portion of the purchase price for the acquisition from Sears Holdings of 235 Sears- and Kmart-branded stores and Sears Holdings' 50% interests in joint ventures with each of Simon Property Group, Inc., General Growth Properties, Inc. and The Macerich Company, which joint ventures collectively hold an additional 31 properties. The REIT will also offer class C non-voting shares in lieu of certain of its common shares at the same price to Sears' No. 2 shareholder Fairholme Capital Management LLC.
Seritage also intends to apply to list its shares for trading on the New York Stock Exchange under the symbol SRG.  The subscription rights are listed on the New York Stock Exchange (the "NYSE") under the symbol "SRGRT."  Unless the rights offering is extended, trading of the subscription rights on the NYSE will cease at the close of business on June 26, 2015.
Please note that this is just portion of the details.  If you are seriously into financials, you should check additional sources for more specifics.  You can consult directly with Sears Holdings Corp for clarification.
You can also learn more at http://www.prnewswire.com/news-releases/sears-holdings-announces-commencement-of-seritage-growth-properties-rights-offering-300096279.html

Learn more about Sears here on Apparel Search.

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