SECURITIES
From Times Staff and Wire Reports
Sears Seeks Debt-Issuing Approval: Sears, Roebuck & Co. is seeking Securities and Exchange Commission clearance to sell $2 billion in debt securities, partly to reduce short-term borrowings. The retailing-financial services giant wants to sell what amounts to corporate IOUs from time to time through shelf offerings. With a shelf offering, a company can register its securities in advance and keep them “on the shelf” for up to two years before actually selling. Shelf offerings allow corporations to issue debt securities when market conditions are most favorable.
