Sears Holdings Corp. shares rose 5% Thursday, after the company said it has obtained a secured standby letter of credit facility, easing liquidity concerns. Sears said the facility will allowit to request standby letters of credit of up to $200 million, what can be further expanded to up to $500 million if the lenders approve. The facility is being offered by JPP, LLC and JPP II, LLC, all units of ESL Investments Inc., with Citibank, N.A. serving as administrative agent and issuing bank. Sears shares are still down 58% on the year, while the S&P 500 has gained about 10%.
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