Sears, Roebuck and Co. Commences Tender Offers to Purchase For Cash Approximately $11.8 Billion of Debt Securities
Sears, Roebuck and Co. (NYSE: S) ("Sears") and its wholly owned subsidiaries, Sears Roebuck Acceptance Corp. ("SRAC") and Sears DC Corp., formerly known as Discover Credit Corp. ("SDC"), commenced their previously announced cash tender offers to purchase any and all of their respective unsecured public term debt securities (collectively, the "Notes" and each a "series" of Notes) maturing after 2003, which include 214 series of securities with an aggregate principal amount of approximately $11.8 billion.
The offers relate to various series of Notes, including approximately $9.7 billion in aggregate principal amount of term debt securities originally distributed primarily to institutional investors and issued by each of Sears, SRAC and SDC (collectively, the "Institutional Notes") and approximately $2.1 billion in aggregate principal amount of debt securities originally distributed primarily to individual investors and issued by SRAC (the "Retail Notes"). The offers for Institutional Notes and Retail Notes (together, the "Notes") are subject to the terms and conditions that will be included in the applicable offering materials. Each offer will be independent and will not be conditioned upon any other offer, and each offer may be amended, extended or terminated individually. The offers will not be conditioned on any minimum amount of Notes being tendered.
Except for those securities listed in the Offers to Purchase for which the offer price has already been determined and fixed, the offer price for each series of Notes will be determined in accordance with the procedures described in the applicable Offer to Purchase, and which are generally intended to result in a yield to maturity or yield to next redemption date as applicable, that is equal to the sum of the bid side yield on the applicable reference U.S. Treasury security and an applicable fixed spread as specified in the applicable Offer to Purchase. The offer prices for Notes that will be priced on a fixed spread basis will be determined on Thursday, October 30, 2003 at the applicable times described more fully in the Offer to Purchase.
The terms of the offers will be specific to each series of Notes and, in the case of the Institutional Notes, will include early tender premiums that will be offered to holders that validly tender and do not withdraw their notes prior to an early tender date, which is expected to be 5:00 p.m., New York City time, on Wednesday, October 29, 2003. Any investors tendering after this date will not be entitled to any tender premiums. The offers will expire at 12:00 midnight, New York City time, on Friday, November 14, 2003, unless previously terminated or extended.
Morgan Stanley and Citigroup are acting as Joint Global Coordinators for the offers relating to the Institutional Notes. The Lead Managers are Barclays Capital, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Merrill Lynch & Co. The Co-Managers are Banc of America Securities LLC, Banc One Capital Markets, Inc., Deutsche Bank Securities and UBS Investment Bank. Questions regarding the tender offer for the Institutional Notes can be directed to Morgan Stanley at (212) 761-2219 (collect) or (800) 624-1808 (toll free) and Citigroup at (800) 558-3745 (toll free).
Merrill Lynch & Co. and Banc of America Securities LLC are acting as Lead Dealer Managers for the offers relating to the Retail Notes. The Co-Managers are Morgan Stanley and UBS Investment Bank. Questions regarding the tender offer for the Retail Notes can be directed to Merrill Lynch at (212) 449-4914 (collect) and Banc of America Securities at (704) 387-1004 (collect).
The following schedules indicate the issuer and particular series of Notes that are subject to the offers and set forth the material pricing terms for each series of Notes. This announcement is not an offer to purchase or a solicitation of an offer to purchase with respect to any securities. The tender offers will be made solely pursuant to the Offers to Purchase and related Letters of Transmittal and are not being made in any jurisdiction in which such an offer would be unlawful.
Additional Information And Where To Find It
Sears, SRAC and SDC expect to begin distribution of offering materials to debt holders promptly. These materials contain important information. Security holders are advised to carefully review these documents and related materials when they become available. Copies of any offering materials may be obtained through D.F. King & Co., Inc., the Information Agent for the offers, by telephone at (800) 431-9642 (toll free) or in writing at 48 Wall Street, 22nd Floor, New York, NY 10005. In addition, the offering materials will be made available as soon as practicable on the Internet at .
About Sears
Sears, Roebuck and Co. is a broadline retailer with significant service and credit businesses. In 2002, Sears' revenue was $41.4 billion. Sears offers its wide range of apparel, home and automotive products and services to families in the U.S. through Sears stores nationwide, including approximately 870 full-line stores. Sears also offers a variety of merchandise and services over the Internet via its sears.com and landsend.com websites and through a variety of specialty catalogues.
About Sears Roebuck Acceptance Corp.
SRAC is a wholly owned finance subsidiary of Sears. SRAC raises funds primarily by issuing commercial paper, medium-term notes and discrete underwritten debt. SRAC uses the proceeds from its borrowings to acquire short-term notes of Sears.
About Sears DC Corp.
SDC is a wholly owned subsidiary of Sears and was formed to borrow in domestic and foreign debt markets and lend the proceeds of such borrowings to Sears and certain direct and indirect subsidiaries of Sears in exchange for their unsecured notes. SDC raised funds through the sale of its medium-term notes and direct placement of commercial paper with corporate and institutional investors.
Forward-Looking Statements
This press release contains "forward-looking statements" about Sears' expectations regarding the sale of its Credit and Financial Products business, the timing of the proposed tender offers and Sears' financial objectives. These statements are forward-looking statements based on assumptions about the future that are subject to risks and uncertainties, and actual results may differ materially from the results projected in the forward-looking statements. Risks and uncertainties include the possibility that the sale of the Credit and Financial Products business, which is subject to conditions of closing, does not close, and other factors outside the control of Sears. While Sears believes that its forecasts and assumptions are reasonable, it cautions that actual results may differ materially. Sears intends the forward-looking statements to speak only as of the time first made and does not undertake to update or revise them as more information becomes available. Additional discussion of these and other risks and uncertainties is contained in Sears' filings with the Securities and Exchange Commission, including Sears' Annual Report on Form 10-K for the year ended December 28, 2002, its Quarterly Reports on Form 10-Q for the quarters ended March 29, 2003 and June 28, 2003 and any Current Report on Form 8-K currently on file with the Securities and Exchange Commission during the current fiscal year.
Schedule 1 - INSTITUTIONAL SECURITIES ISSUED BY SEARS DC CORP.
Priced on a Fixed Spread Basis
Principal
Title of Amount
Security Outstanding
CUSIP (including
Number Maturity Date) (millions)
DC2MTFX84 SDC 9.20% Series II MTN due 2/27/2012 $10.000
DC2MTFX80 SDC 9.15% Series II MTN due 3/1/2012 $1.000
DC2MTFX81 SDC 9.15% Series II MTN due 3/1/2012 $2.000
DC2MTFX87 SDC 9.15% Series II MTN due 3/10/2012 $0.500
DC2MTFX93 SDC 9.14% Series II MTN due 3/13/2012 $10.000
DC2MTFX94 SDC 9.07% Series II MTN due 3/16/2012 $7.000
25466PAC2 SDC 9.14% Series III MTN due 3/19/2012 $4.300
25466PAG3 SDC 9.26% Series III MTN due 3/20/2012 $3.000
25466PBV9 SDC 9.10% Series III MTN due 4/13/2012 $6.000
Reference Security Fixed Spread Early Tender Premium
CUSIP (bps)
Number
DC2MTFX84 4.250% due 8/15/13 60 $7.50
DC2MTFX80 4.250% due 8/15/13 60 $7.50
DC2MTFX81 4.250% due 8/15/13 60 $7.50
DC2MTFX87 4.250% due 8/15/13 60 $7.50
DC2MTFX93 4.250% due 8/15/13 60 $7.50
DC2MTFX94 4.250% due 8/15/13 60 $7.50
25466PAC2 4.250% due 8/15/13 60 $7.50
25466PAG3 4.250% due 8/15/13 60 $7.50
25466PBV9 4.250% due 8/15/13 60 $7.50
Schedule 2 - INSTITUTIONAL SECURITIES ISSUED BY SEARS ROEBUCK ACCEPTANCE
CORP.
Priced on a Fixed Spread Basis
Principal
Title of Amount
Security Outstanding
CUSIP (including
Number Maturity Date) (millions)
81240QKM3 SRAC 6.00% Series IV MTN due 01/18/2005 $5.000
81240QKP6 SRAC 6.00% Series IV MTN due 02/07/2005 $5.000
81240QKQ4 SRAC 6.10% Series IV MTN due 02/25/2005 $5.000
812404AF8 SRAC 6.75% Note due 09/15/2005 $250.000
81240QBZ4 SRAC 6.11% Series I MTN due 11/15/2005 $0.100
81240QBW1 SRAC 6.13% Series I MTN due 11/15/2005 $0.575
81240QBX9 SRAC 6.15% Series I MTN due 11/15/2005 $4.402
81240QCL4 SRAC 6.33% Series I MTN due 12/12/2005 $1.250
81240QCM2 SRAC 6.38% Series I MTN due 12/13/2005 $5.000
81240QLX8 SRAC 5.66% Series V MTN due 12/14/2005 $10.000
81240QCU4 SRAC 6.36% Series I MTN due 01/03/2006 $4.000
81240QCY6 SRAC 6.30% Series I MTN due 01/09/2006 $5.000
81240QCZ3 SRAC 6.31% Series I MTN due 01/09/2006 $1.000
812404AG6 SRAC 6.125% Note due 01/15/2006 $250.000
81240QGC0 SRAC 7.06% Series III MTN due 10/10/2006 $5.000
812404AT8 SRAC 6.70% Note due 11/15/2006 $300.000
81240QHD7 SRAC 7.20% Series III MTN due 05/09/2007 $5.000
81240QHE5 SRAC 7.15% Series III MTN due 05/21/2007 $5.000
812404AV3 SRAC 7.00% Note due 06/15/2007 $500.000
81240QHT2 SRAC 7.04% Series III MTN due 06/19/2007 $10.000
81240QJD5 SRAC 6.47% Series IV MTN due 08/13/2007 $5.000
812404AW1 SRAC 6.70% Note due 09/18/2007 $150.000
81240QJN3 SRAC 6.60% Series IV MTN due 11/05/2007 $5.000
81240QKJ0 SRAC 6.56% Series IV MTN due 12/05/2007 $11.000
81240QKK7 SRAC 6.34% Series IV MTN due 12/18/2007 $5.000
81240QLB6 SRAC 6.30% Series IV MTN due 03/18/2008 $5.000
81240QLD2 SRAC 6.28% Series IV MTN due 04/08/2008 $5.000
81240QLF7 SRAC 6.24% Series IV MTN due 05/01/2008 $5.000
81240QLH3 SRAC 6.30% Series IV MTN due 05/29/2008 $5.000
81240QLK6 SRAC 6.25% Series IV MTN due 06/02/2008 $5.000
81240QLL4 SRAC 6.19% Series IV MTN due 06/19/2008 $5.000
81240QLM2 SRAC 6.17% Series IV MTN due 07/14/2008 $5.000
81240QLN0 SRAC 6.20% Series IV MTN due 07/15/2008 $5.000
81240QLP5 SRAC 6.10% Series IV MTN due 07/21/2008 $5.000
81240QLS9 SRAC 6.125% Series IV MTN due 08/15/2008 $5.000
81240QLT7 SRAC 6.10% Series IV MTN due 09/10/2008 $5.000
81240QLU4 SRAC 6.00% Series V MTN due 11/20/2008 $5.000
81240QLV2 SRAC 6.00% Series V MTN due 11/24/2008 $5.000
81240QLY6 SRAC 5.75% Series V MTN due 01/20/2009 $5.000
81240QLZ3 SRAC 5.70% Series V MTN due 02/12/2009 $5.000
81240QMA7 SRAC 5.875% Series V MTN due 03/05/2009 $5.000
81240QMB5 SRAC 6.125% Series V MTN due 03/16/2009 $5.000
81240QMC3 SRAC 6.05% Series V MTN due 03/30/2009 $5.000
81240QMD1 SRAC 6.00% Series V MTN due 04/15/2009 $5.000
81240QLE0 SRAC 6.49% Series IV MTN due 04/17/2009 $15.000
812404BF7 SRAC 6.25% Note due 05/01/2009 $750.000
81240QLQ3 SRAC 6.20% Series IV MTN due 08/09/2010 $5.000
812404BG5 SRAC 7.00% Note due 02/01/2011 $1,000.000
812404BH3 SRAC 6.75% Note due 08/15/2011 $750.000
812404BJ9 SRAC 6.70% Note due 04/15/2012 $600.000
81240QLJ9 SRAC 6.635% Series IV MTN due 05/18/2012 $10.000
81240QLR1 SRAC 6.51% Series IV MTN due 08/15/2013 $15.000
812404AY7 SRAC 6.875% Note due 10/15/2017 $300.000
812404AX9 SRAC 7.50% Note due 10/15/2027 $250.000
812404AZ4 SRAC 6.75% Note due 01/15/2028 $200.000
812404BE0 SRAC 6.50% Note due 12/01/2028 $300.000
812404BK6 SRAC 7.00% Note due 06/01/2032 $1,000.000
CUSIP Number Reference Security Fixed Spread Early Tender
(bps) Premium
81240QKM3 1.625% due 1/31/05 44 $2.75
81240QKP6 1.625% due 1/31/05 48 $2.75
81240QKQ4 1.500% due 2/28/05 44 $2.75
812404AF8 2.000% due 8/31/05 44 $2.75
81240QBZ4 5.750% due 11/15/05 52 $2.75
81240QBW1 5.750% due 11/15/05 52 $2.75
81240QBX9 5.750% due 11/15/05 52 $2.75
81240QCL4 5.750% due 11/15/05 56 $2.75
81240QCM2 5.750% due 11/15/05 56 $2.75
81240QLX8 5.750% due 11/15/05 56 $2.75
81240QCU4 5.625% due 2/15/06 48 $3.00
81240QCY6 5.625% due 2/15/06 48 $3.00
81240QCZ3 5.625% due 2/15/06 48 $3.00
812404AG6 5.625% due 2/15/06 44 $3.00
81240QGC0 6.500% due 10/15/06 60 $3.75
812404AT8 3.500% due 11/15/06 56 $4.00
81240QHD7 4.375% due 5/15/07 56 $4.75
81240QHE5 4.375% due 5/15/07 60 $4.75
812404AV3 4.375% due 5/15/07 56 $4.75
81240QHT2 4.375% due 5/15/07 64 $4.75
81240QJD5 3.250% due 8/15/07 60 $5.00
812404AW1 3.250% due 8/15/07 60 $5.00
81240QJN3 3.000% due 11/15/07 56 $5.00
81240QKJ0 3.000% due 11/15/07 60 $5.00
81240QKK7 3.000% due 11/15/07 60 $5.00
81240QLB6 3.000% due 2/15/08 60 $5.75
81240QLD2 2.625% due 5/15/08 52 $5.75
81240QLF7 2.625% due 5/15/08 56 $5.75
81240QLH3 2.625% due 5/15/08 56 $5.75
81240QLK6 2.625% due 5/15/08 56 $5.75
81240QLL4 3.250% due 8/15/08 48 $5.75
81240QLM2 3.250% due 8/15/08 52 $6.00
81240QLN0 3.250% due 8/15/08 52 $6.00
81240QLP5 3.250% due 8/15/08 52 $6.00
81240QLS9 3.250% due 8/15/08 56 $6.00
81240QLT7 3.125% due 10/15/08 52 $6.00
81240QLU4 4.750% due 11/15/08 60 $6.00
81240QLV2 4.750% due 11/15/08 60 $6.00
81240QLY6 5.500% due 5/15/09 60 $6.50
81240QLZ3 5.500% due 5/15/09 60 $6.50
81240QMA7 5.500% due 5/15/09 64 $6.50
81240QMB5 5.500% due 5/15/09 64 $6.50
81240QMC3 5.500% due 5/15/09 64 $6.50
81240QMD1 5.500% due 5/15/09 68 $6.50
81240QLE0 5.500% due 5/15/09 68 $6.50
812404BF7 5.500% due 5/15/09 64 $6.50
81240QLQ3 5.750% due 8/15/10 80 $7.00
812404BG5 4.250% due 8/15/13 44 $7.00
812404BH3 4.250% due 8/15/13 48 $7.50
812404BJ9 4.250% due 8/15/13 56 $7.50
81240QLJ9 4.250% due 8/15/13 64 $7.50
81240QLR1 4.250% due 8/15/13 72 $8.50
812404AY7 4.250% due 8/15/13 96 $10.00
812404AX9 5.375% due 2/15/31 140 $10.00
812404AZ4 5.375% due 2/15/31 115 $6.50
812404BE0 5.375% due 2/15/31 115 $6.50
812404BK6 5.375% due 2/15/31 115 $7.00
Schedule 3 - INSTITUTIONAL SECURITIES ISSUED BY
SEARS ROEBUCK ACCEPTANCE CORP.
Priced on a Fixed Price Basis
CUSIP Title of Security Principal
Number (including Maturity Date) Amount
Outstanding
(millions)
81240QMS8 SRAC LIBOR+ 2.95% Series VI MTN due 01/07/2004 $258.385
81240QKT8 SRAC 6.06% Series IV MTN due 02/18/2004 $2.600
81240QMY5 SRAC LIBOR + 1.90% Series VII MTN due 02/20/2004 $149.750
81240QMT6 SRAC LIBOR + 2.80% Series VI MTN due 02/23/2004 $193.600
81240QKY7 SRAC 6.10% Series IV MTN due 02/24/2004 $20.200
81240QKZ4 SRAC 6.12% Series IV MTN due 02/24/2004 $20.000
81240QMZ2 SRAC LIBOR + 1.90% Series VII MTN due 02/25/2004 $250.200
81240QNA6 SRAC LIBOR + 1.90% Series VII MTN due 03/09/2004 $131.700
81240QMU3 SRAC LIBOR + 2.80% Series VI MTN due 03/23/2004 $50.000
81240QMV1 SRAC LIBOR + 2.00% Series VI MTN due 04/23/2004 $155.500
81240QMW9 SRAC LIBOR + 2.00% Series VI MTN due 05/11/2004 $171.000
81240QMX7 SRAC LIBOR + 2.00% Series VI MTN due 05/12/2004 $25.000
81240QHK1 SRAC 7.10% Series III MTN due 06/04/2004 $6.500
81240QHH8 SRAC 7.11% Series III MTN due 06/04/2004 $5.000
81240QHF2 SRAC 7.12% Series III MTN due 06/04/2004 $5.000
81240QHS4 SRAC 6.92% Series III MTN due 06/17/2004 $50.000
81240QHP0 SRAC 6.93% Series III MTN due 06/17/2004 $18.000
81240QHQ8 SRAC 6.94% Series III MTN due 06/17/2004 $3.000
81240QHR6 SRAC 6.95% Series III MTN due 06/17/2004 $26.000
81240QHV7 SRAC 6.85% Series III MTN due 06/24/2004 $13.700
81240QHW5 SRAC 6.86% Series III MTN due 06/24/2004 $1.000
81240QMR0 SRAC 4.50% Series V MTN due 09/22/2004 $15.000
81240QJK9 SRAC 6.60% Series IV MTN due 09/22/2004 $3.500
81240QMN9 SRAC LIBOR + 1.18% Series V MTN due 10/13/2004 $100.000
81240QJM5 SRAC 6.27% Series IV MTN due 10/18/2004 $5.000
81240QJX1 SRAC 6.375% Series IV MTN due 11/22/2004 $5.000
81240QKF8 SRAC 6.53% Series IV MTN due 11/29/2004 $12.000
81240QKC5 SRAC 6.30% Series IV MTN due 12/06/2004 $5.000
81240QMJ8 SRAC 0.00% Series V MTN due 02/03/2006 $25.000
CUSIP Number Total Early Tender Tender Offer
Consideration Premium Consideration
81240QMS8 $1,002.62 $1.40 $1,001.22
81240QKT8 $1,011.21 $2.05 $1,009.16
81240QMY5 $1,002.80 $1.05 $1,001.75
81240QMT6 $1,005.69 $1.35 $1,004.34
81240QKY7 $1,012.12 $2.05 $1,010.07
81240QKZ4 $1,012.18 $2.05 $1,010.13
81240QMZ2 $1,003.04 $1.05 $1,001.99
81240QNA6 $1,003.67 $1.05 $1,002.62
81240QMU3 $1,007.76 $1.35 $1,006.41
81240QMV1 $1,005.95 $1.05 $1,004.90
81240QMW9 $1,006.86 $1.05 $1,005.81
81240QMX7 $1,006.86 $1.05 $1,005.81
81240QHK1 $1,030.59 $2.40 $1,028.19
81240QHH8 $1,030.65 $2.40 $1,028.25
81240QHF2 $1,030.71 $2.40 $1,028.31
81240QHS4 $1,031.44 $2.35 $1,029.09
81240QHP0 $1,031.50 $2.35 $1,029.15
81240QHQ8 $1,031.56 $2.35 $1,029.21
81240QHR6 $1,031.63 $2.35 $1,029.28
81240QHV7 $1,032.01 $2.30 $1,029.71
81240QHW5 $1,032.07 $2.30 $1,029.77
81240QMR0 $1,023.31 $1.50 $1,021.81
81240QJK9 $1,041.80 $2.20 $1,039.60
81240QMN9 $1,004.23 $0.80 $1,003.43
81240QJM5 $1,041.85 $2.10 $1,039.75
81240QJX1 $1,046.64 $2.15 $1,044.49
81240QKF8 $1,049.08 $2.20 $1,046.88
81240QKC5 $1,047.38 $2.10 $1,045.28
81240QMJ8 $941.65 $2.00 $939.65
Schedule 4 - INSTITUTIONAL SECURITIES ISSUED BY SEARS, ROEBUCK AND CO.
Priced on a Fixed Price Basis
CUSIP Title of Security Principal
Number (including Maturity Date) Amount
Outstanding
(millions)
812387BB3 Sears 6.25% Notes due 01/15/2004 $300.000
81238XRT0 Sears 6.34% Series VII MTN due 06/15/2004 $5.000
81238XTJ0 Sears 8.23% Series VII MTN due 10/20/2004 $20.000
81238XTH4 Sears 8.24% Series VII MTN due 10/20/2004 $20.000
81238XTM3 Sears 8.23% Series VII MTN due 10/21/2004 $11.250
81238XTS0 Sears 8.30% Series VII MTN due 10/26/2004 $15.000
Physical 1 Sears 9.22% Series V MTN due 08/21/2006 $2.000
81238XDU2 Sears 8.66% Series VI MTN due 10/02/2006 $2.000
81238XKE0 Sears 9.18% Series VI MTN due 05/04/2011 $2.000
812387BA5 Sears 9.375% Notes due 11/01/2011 $300.000
81238XBJ9 Sears 9.08% Series VI MTN due 02/01/2012 $5.000
81238XBN0 Sears 10.00% Series VI MTN due 02/03/2012 $114.000
81238XBV2 Sears 9.05% Series VI MTN due 02/06/2012 $30.000
81238XBY6 Sears 9.05% Series VI MTN due 02/06/2012 $61.000
81238XBZ3 Sears 9.20% Series VI MTN due 02/06/2012 $10.000
81238XCJ8 Sears 9.10% Series VI MTN due 02/13/2012 $20.000
81238XCQ2 Sears 9.12% Series VI MTN due 02/13/2012 $22.000
81238XCH2 Sears 9.14% Series VI MTN due 02/13/2012 $14.500
81238XCE9 Sears 9.17% Series VI MTN due 02/13/2012 $18.000
81238XCS8 Sears 9.00% Series VI MTN due 02/14/2012 $3.000
81238XCX7 Sears 9.03% Series VI MTN due 02/14/2012 $2.000
81238XCU3 Sears 9.08% Series VI MTN due 02/14/2012 $1.000
81238XCZ2 Sears 9.09% Series VI MTN due 02/15/2012 $29.000
81238XDF5 Sears 9.05% Series VI MTN due 02/20/2012 $5.000
81238XDY4 Sears 9.13% Series VI MTN due 02/27/2012 $3.000
81238XEL1 Sears 9.10% Series VI MTN due 02/28/2012 $1.000
81238XEP2 Sears 9.10% Series VI MTN due 03/01/2012 $5.000
81238XEK3 Sears 9.12% Series VI MTN due 03/01/2012 $7.000
81238XFH9 Sears 9.10% Series VI MTN due 03/12/2012 $21.500
81238XFN6 Sears 8.99% Series VI MTN due 03/16/2012 $2.000
Physical 2 Sears 9.60% Series V MTN due 08/09/2021 $1.000
CUSIP Number Total Early Tender Tender Offer
Consideration Premium Consideration
812387BB3 $1,005.52 $2.10 $1,003.42
81238XRT0 $1,005.66 $2.15 $1,003.51
81238XTJ0 $1,008.65 $2.75 $1,005.90
81238XTH4 $1,008.67 $2.75 $1,005.92
81238XTM3 $1,008.65 $2.75 $1,005.90
81238XTS0 $1,008.76 $2.80 $1,005.96
Physical 1 $1,010.22 $3.10 $1,007.12
81238XDU2 $1,009.33 $2.90 $1,006.43
81238XKE0 $1,010.15 $3.10 $1,007.05
812387BA5 $1,010.46 $3.15 $1,007.31
81238XBJ9 $1,010.00 $3.05 $1,006.95
81238XBN0 $1,011.45 $3.35 $1,008.10
81238XBV2 $1,009.95 $3.05 $1,006.90
81238XBY6 $1,009.95 $3.05 $1,006.90
81238XBZ3 $1,010.19 $3.10 $1,007.09
81238XCJ8 $1,010.03 $3.05 $1,006.98
81238XCQ2 $1,010.06 $3.05 $1,007.01
81238XCH2 $1,010.09 $3.05 $1,007.04
81238XCE9 $1,010.14 $3.10 $1,007.04
81238XCS8 $1,009.87 $3.00 $1,006.87
81238XCX7 $1,009.92 $3.05 $1,006.87
81238XCU3 $1,010.00 $3.05 $1,006.95
81238XCZ2 $1,010.01 $3.05 $1,006.96
81238XDF5 $1,009.95 $3.05 $1,006.90
81238XDY4 $1,010.08 $3.05 $1,007.03
81238XEL1 $1,010.03 $3.05 $1,006.98
81238XEP2 $1,010.03 $3.05 $1,006.98
81238XEK3 $1,010.06 $3.05 $1,007.01
81238XFH9 $1,010.03 $3.05 $1,006.98
81238XFN6 $1,009.85 $3.00 $1,006.85
Physical 2 $1,010.82 $3.20 $1,007.62
Schedule 5 - RETAIL NOTES ISSUED BY SEARS ROEBUCK ACCEPTANCE CORP.
Priced on a Fixed Price Basis
A -$25 Par Notes
Principal Fixed
Amount Tender
CUSIP Coupon Maturity Date Outstanding Price
(millions)
812404408 7.000% 7/15/2042 $250.000 $27.68
812404507 7.400% 2/1/2043 $250.000 $28.18
B -$1,000 Par
InterNotes
Principal Fixed
Amount Tender
CUSIP Coupon Maturity Date Outstanding Price
(millions)
8124JFBQ8 5.750% 3/15/2006 $27.233 $1,012.00
8124JFBR6 6.650% 3/15/2008 $18.041 $1,015.00
8124JFBS4 7.375% 3/15/2010 $10.572 $1,017.00
8124JFBT2 7.750% 3/15/2013 $10.792 $1,019.00
8124JFBU9 4.800% 4/15/2006 $17.315 $1,012.00
8124JFBW5 4.350% 4/15/2006 $8.084 $1,010.00
8124JFBV7 5.600% 4/15/2008 $11.146 $1,015.00
8124JFBX3 5.250% 4/15/2008 $7.349 $1,014.00
8124JFBY1 5.850% 4/15/2010 $2.062 $1,016.00
8124JFBZ8 6.450% 4/15/2013 $8.666 $1,019.00
8124JFCA2 4.050% 5/15/2006 $5.190 $1,011.00
8124JFCE4 3.850% 5/15/2006 $5.562 $1,010.00
8124JFCK0 3.750% 5/15/2006 $6.963 $1,009.00
8124JFCP9 3.500% 5/15/2006 $5.095 $1,008.00
8124JFCT1 3.550% 5/15/2006 $5.709 $1,008.00
8124JFCB0 5.000% 5/15/2008 $17.614 $1,015.00
8124JFCF1 4.800% 5/15/2008 $5.681 $1,015.00
8124JFCL8 4.750% 5/15/2008 $5.872 $1,014.00
8124JFCQ7 4.350% 5/15/2008 $6.396 $1,012.00
8124JFCU8 4.300% 5/15/2008 $3.331 $1,012.00
8124JFCC8 5.625% 5/15/2010 $2.288 $1,019.00
8124JFCH7 5.450% 5/15/2010 $4.309 $1,018.00
8124JFCM6 5.350% 5/15/2010 $4.042 $1,017.00
8124JFCR5 5.000% 5/15/2010 $4.386 $1,015.00
8124JFCV6 4.950% 5/15/2010 $3.570 $1,015.00
8124JFCD6 6.200% 5/15/2013 $12.360 $1,021.00
8124JFCJ3 6.000% 5/15/2013 $8.851 $1,020.00
8124JFCN4 6.000% 5/15/2013 $13.799 $1,020.00
8124JFCS3 5.650% 5/15/2013 $6.782 $1,019.00
8124JFCW4 5.550% 5/15/2013 $8.128 $1,018.00
8124JFCX2 3.500% 6/15/2006 $4.169 $1,010.00
8124JFDB9 3.300% 6/15/2006 $5.513 $1,009.00
8124JFDF0 2.700% 6/15/2006 $4.823 $1,005.00
8124JFDK9 2.700% 6/15/2006 $1.808 $1,005.00
8124JFCY0 4.300% 6/15/2008 $4.599 $1,014.00
8124JFDC7 4.100% 6/15/2008 $6.630 $1,013.00
8124JFDG8 3.550% 6/15/2008 $2.480 $1,010.00
8124JFDL7 3.500% 6/15/2008 $1.682 $1,010.00
8124JFCZ7 4.950% 6/15/2010 $1.899 $1,018.00
8124JFDD5 4.750% 6/15/2010 $2.249 $1,017.00
8124JFDH6 4.250% 6/15/2010 $3.806 $1,014.00
8124JFDM5 4.150% 6/15/2010 $2.234 $1,013.00
8124JFDA1 5.500% 6/15/2013 $6.340 $1,021.00
8124JFDE3 5.400% 6/15/2013 $14.202 $1,021.00
8124JFDJ2 4.900% 6/15/2013 $4.289 $1,018.00
8124JFDN3 2.900% 7/15/2006 $4.112 $1,007.00
8124JFDP8 3.850% 7/15/2008 $2.450 $1,013.00
8124JFDQ6 4.550% 7/15/2010 $5.013 $1,018.00
Schedule 6 - INTERNOTES ISSUED BY SEARS ROEBUCK ACCEPTANCE CORP.
Priced on a Fixed Spread Basis
Principal
Maturity Outstanding
CUSIP Coupon Date Amount
(millions)
8124JFAD8 7.250% 12/15/2009 $34.326
8124JFAH9 7.300% 12/15/2009 $27.994
8124JFAM8 7.400% 1/15/2010 $10.459
8124JFAR7 7.400% 1/15/2010 $19.068
8124JFAV8 7.450% 1/15/2010 $40.699
8124JFAY2 4.950% 2/15/2005 $89.413
8124JFBK1 7.000% 3/15/2010 $20.171
8124JFBP0 6.800% 3/15/2010 $6.002
8124JFAA4 5.650% 12/15/2005 $35.384
8124JFAE6 5.750% 12/15/2005 $42.917
8124JFAJ5 6.000% 1/15/2006 $16.419
8124JFAN6 5.900% 1/15/2006 $23.187
8124JFAS5 5.900% 1/15/2006 $50.190
8124JFAW6 5.400% 1/15/2006 $59.717
8124JFBA3 5.400% 2/15/2006 $50.182
8124JFBC9 5.500% 2/15/2006 $40.414
8124JFBE5 5.800% 2/15/2006 $58.535
8124JFBG0 5.400% 3/15/2006 $40.439
8124JFBL9 5.200% 3/15/2006 $26.670
8124JFAB2 6.600% 12/15/2007 $32.125
8124JFAF3 6.700% 12/15/2007 $25.351
8124JFAK2 7.000% 1/15/2008 $17.834
8124JFAP1 6.900% 1/15/2008 $19.777
8124JFAT3 6.750% 1/15/2008 $56.371
8124JFAX4 6.150% 1/15/2008 $43.647
8124JFAZ9 6.200% 2/15/2008 $39.998
8124JFBB1 6.100% 2/15/2008 $27.315
8124JFBD7 6.250% 2/15/2008 $24.063
8124JFBF2 6.650% 2/15/2008 $46.362
8124JFBH8 6.200% 3/15/2008 $24.349
8124JFBM7 6.000% 3/15/2008 $15.595
8124JFAC0 7.400% 12/15/2012 $45.163
8124JFAG1 7.500% 12/15/2012 $54.895
8124JFAL0 7.500% 1/15/2013 $14.229
8124JFAQ9 7.500% 1/15/2013 $21.498
8124JFAU0 7.500% 1/15/2013 $36.380
8124JFBJ4 7.150% 3/15/2013 $13.819
8124JFBN5 7.050% 3/15/2013 $8.358
CUSIP Reference Security Fixed Spread Minimum Price
(bps)
8124JFAD8 2.000% due 11/30/04 40 $1,053.00
8124JFAH9 2.000% due 11/30/04 40 $1,053.00
8124JFAM8 1.750% due 12/31/04 45 $1,057.00
8124JFAR7 1.750% due 12/31/04 45 $1,057.00
8124JFAV8 1.750% due 12/31/04 45 $1,058.00
8124JFAY2 1.500% due 02/28/05 45 $1,030.00
8124JFBK1 1.500% due 02/28/05 45 $1,058.00
8124JFBP0 1.500% due 02/28/05 45 $1,056.00
8124JFAA4 5.750% due 11/15/05 50 $1,053.00
8124JFAE6 5.750% due 11/15/05 50 $1,055.00
8124JFAJ5 5.750% due 11/15/05 50 $1,062.00
8124JFAN6 5.750% due 11/15/05 50 $1,060.00
8124JFAS5 5.750% due 11/15/05 50 $1,060.00
8124JFAW6 5.750% due 11/15/05 50 $1,050.00
8124JFBA3 5.625% due 02/15/06 50 $1,049.00
8124JFBC9 5.625% due 02/15/06 50 $1,052.00
8124JFBE5 5.625% due 02/15/06 50 $1,058.00
8124JFBG0 5.625% due 02/15/06 50 $1,051.00
8124JFBL9 5.625% due 02/15/06 50 $1,047.00
8124JFAB2 3.000% due 11/15/07 60 $1,092.00
8124JFAF3 3.000% due 11/15/07 60 $1,096.00
8124JFAK2 3.000% due 11/15/07 65 $1,107.00
8124JFAP1 3.000% due 11/15/07 65 $1,103.00
8124JFAT3 3.000% due 11/15/07 65 $1,097.00
8124JFAX4 3.000% due 11/15/07 65 $1,074.00
8124JFAZ9 3.000% due 02/15/08 65 $1,073.00
8124JFBB1 3.000% due 02/15/08 65 $1,069.00
8124JFBD7 3.000% due 02/15/08 65 $1,075.00
8124JFBF2 3.000% due 02/15/08 65 $1,090.00
8124JFBH8 3.000% due 02/15/08 65 $1,074.00
8124JFBM7 3.000% due 02/15/08 65 $1,066.00
8124JFAC0 4.000% due 11/15/12 65 $1,132.00
8124JFAG1 4.000% due 11/15/12 65 $1,139.00
8124JFAL0 4.000% due 11/15/12 65 $1,140.00
8124JFAQ9 4.000% due 11/15/12 65 $1,140.00
8124JFAU0 4.000% due 11/15/12 65 $1,140.00
8124JFBJ4 3.875% due 02/15/13 65 $1,115.00
8124JFBN5 3.875% due 02/15/13 65 $1,108.00
SOURCE: Sears, Roebuck and Co.
CONTACT: Edgar P. McDougal, +1-847-286-9669, or Investors, Pam White,
+1-847-286-1468, both of Sears, Roebuck and Co.
Web site: