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Hoffman Estates, Ill.-based Sears Holdings announced earlier this week that a credit agreement with Bank of America would not be renewed.
The company said in a recent securities exchange commission filing that BOA notified them of their intent not to renew the 364-day secured facility with a commitment of up to $1 billion in April.
As of April, the company had $1.6 million in letters of credit outstanding, which according to the filing “provides solely for the issuance of letters of credit and does not provide for direct borrowings.”
The company, which still maintains $4 billion line of credit through other facilities, said that this decision would have no effect on the company’s liquidity.