Sears Hometown and Outlet Stores’ $40 Million Term Loan

Choate advised Gordon Brothers Finance Company, as Agent, in its $40 million Term Loan Credit Agreement to Sears Hometown and Outlet Stores, Inc. and its three operating subsidiaries, Sears Authorized Hometown Stores, LLC, Sears Home Appliance Showrooms, LLC, and Sears Outlet Stores, L.L.C.

The Loan, which is secured by a second lien on the Company’s inventory, credit card receivables, and specified other assets, has a five-year term.

Sears Hometown and Outlet Stores, Inc. engages in the retail sale of home appliances, lawn and garden equipment, tools, and hardware in the United States. the company, led by William A. Powell, Charles J. Hansen, Michael A. Gray and David J. Buckley Jr. is based in Hoffman Estates (IL).

Gordon Brothers Finance Company is a commercial finance company that focuses on middle market lending. The Firm, led by Eugene Martin, Oswald Charles Street IV, Lawrence E. Klaff, Gary J. Prager and Lisa F. Galeota, is based in Boston.

Choate advised the Gordon Brothers Finance Company with Mark D. Silva (Picture), Joshua E. Peary and Reginald St. Louis.

Involved fees earner: Mark Silva – Choate; Joshua Peary – Choate; Reginald St. Louis – Choate;

Law Firms: Choate;

Clients: Gordon Brothers Finance Company;

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Author: Ambrogio Visconti