Sears expects to receive about $446.5 million in gross proceeds from an offering tied of its Hometown and Outlet stores. Sears Hometown is expected to take out a $250 million credit line. The company then plans to draw $100 million under the credit line to pay to Sears Holdings before it separates from the company. That will make up part of the part of the proceeds that Sears Holdings receives.
Sears Holdings shares finished at $58.58 per share on Monday. They are down 32 percent since peaking got the past year at $85.90 in mid-March. They traded as low as $28.89 in early January.