CHICAGO — Sears Holdings gained some breathing room amid the critical holiday shopping season with a pair of deals the struggling Hoffman Estates-based retailer said will give it more financial flexibility.

Sears paid down $325 million on a loan originally due midway through next year and entered into an agreement that gives it an extension to repay the remaining $400 million due, the company said Tuesday. That loan now matures in January 2019 but could be extended another six months.

The company also plans to get a new credit facility worth $600 million, linked to a deal struck last month with Pension Benefit Guaranty Corp., a federal agency that guarantees individuals’ pension plans.