Hoffman Estates, IL, Nov. 17--Sears Roebuck & Co. said about $5.9 billion in notes, excluding redemptions in 2004, were tendered in its cash offer to buy $11.8 billion of its debt.
In a press release Monday, Sears said that about $5.1 billion of institutional notes were tendered, excluding notes with maturities or redemption options in 2004. The department store operator had offered to buy about $9.7 billion in notes issued to institutional investors.
Sears Roebuck Acceptance Corp., which had offered to purchase about $2.1 billion in retail notes, had about $800 million of note tendered, excluding the retail notes redeemable in 2004.
Sears' offer included $3.2 billion of notes with maturities or redemption options in 2004. The company said $500 million of these notes were tendered.
Sears began the cash tender offer Oct. 17 using a portion of the proceeds from the sale of its credit card operations to Citigroup Inc.
