Sears plans $1 billion debt facility
Hoffman Estates, Ill. — Sears Holdings Corp. on Monday said it plans to obtain a senior secured term loan facility of up to $1 billion to help lower borrowings under its revolving credit facility.
The company said that the term loan would be issued under its existing credit agreement, which provides for a $3.28 billion revolving credit facility.
The term loan is expected to mature in June 2018.
Canadian court gives OK to Shoppers Drug Mart acquisition
New York — The Ontario Superior Court of Justice has approved Loblaw Cos.’ acquisition of Shoppers Drug Mart.
Completion of the arrangement remains conditional on compliance with the Competition Act and certain other closing conditions customary in transactions of this nature. The transaction is expected to be completed before the end of first quarter 2014.
As previously reported, Loblaw and Shoppers Drug Mart announced on July 15 the definitive agreement under which Loblaw will acquire Shoppers Drug Mart for C$12.4 billion in cash and stock.
Target sets sustainability benchmark in Canada
Sales at Target stores in Canada have been a little uneven since the company entered the market earlier this year, but at least the company can point to an unrivaled environmental accomplishment.
All Target stores in Canada are now LEED (Leadership in Energy & Environmental Design) certified, a first for a major retailer in Canada. By year end, Target expects to have 124 stores open in Canada and all are expected to have the U.S. Green Building Council’s LEED certification. The retailer is taking advantage of the USGBC’s Volume Program which streamlines the certification process for buildings in both Canada and the U.S.
"Environmental sustainability at Target is fundamental to our business, and we have been working hard in Canada over the past few years to open our most sustainable collection of stores to date," said Derek Jenkins, SVP of external relations for Target Canada. "We are confident that all 124 store locations opening this year will be awarded LEED certification, making Target a leader among Canadian mass retailers when it comes to having sustainable store buildings."
In order to obtain certification, remaining Target stores will undergo various rounds of audits throughout 2013, which must meet stringent criteria across five LEED categories including: sustainable site development, water savings, energy efficiency, materials selection and indoor environmental quality.