Sears amended its $271 million letter of credit with Citibank as administrative agent and issuing bank to extend the maturity date through December 29, 2018.

According to a related 8-Kfiling, the amendment also increases pricing under the l/c facility and provides for the release of all real estate collateral that secured the existing facility.

The l/c facility is guaranteed by the same subsidiaries of the company that guarantee the obligations under the third amended and restated credit agreement, dated July 21, 2015, with Bank of America as administrative agent and is secured by substantially the same collateral as the credit agreement.

The l/c facility permits the lenders to syndicate or participate all or a portion of their commitments under the facility to other lenders under certain circumstances. Citigroup Global Markets is serving as lead arranger and bookrunner for the l/c facility.

The lenders have advised the borrowers that they expect to syndicate more than 50% of their portion of the l/c facility to one or more third parties. None of the lenders will receive any syndication fee or compensation in connection with such syndication.