Troubled department-store chain Sears Holdings Corp. SHLD, -1.72% said Wednesday it has completed previously announced private offers to exchange some of its older bonds for fresh debt and reached agreement to amend the terms of other borrowings. The company, which has used a series of measures in recent years to reduce its debt burden, said about $214 million of old senior unsecured notes and about $180 million of old senior secured notes have been cancelled and replaced by convertible PIK (payment-in-kind) notes, which can be converted into stock. Interest on those notes can be paid in kind, meaning Sears has the option to repay them with fresh notes. The company has also agreed to amend the terms of other bonds and loans. The actions are expected to reduce its quarterly cash interest expenses by about $15 million. The company's most active bonds, the 8.00% notes due in December of 2019, last traded at 33 cents on the dollar, according to MarketAxess. Shares were not active premarket, but have fallen 75% in the last 12 months, while the S&P 500 SPX, +0.15% has gained 15%.