Staples finalizes $3 billion credit agreement to fund unsolicited bid for Corporate Express

By Lisa Kerner

Charlotte, N.C., April 1 - Staples, Inc. announced a definitive $3 billion credit agreement with financing arranged by Lehman Brothers Inc., Bank of America and HSBC Bank USA.

The financing, along with Staples' cash reserves and revolving credit facility, will be used for the company's acquisition of Corporate Express NV, according to a Staples news release.

With the financing, Staples said it can proceed with its previously announced public offer for all the outstanding ordinary shares and American Depositary Shares issued by Corporate Express for a price of €7.25 per ordinary share and per ADS.

In February, Corporate Express shot down rumors that it was in discussions with Staples about a take-over. A few weeks later, Staples made an unsolicited €2.5 billion bid to acquire the company, which Corporate Express rejected.

Staples is an office superstore based in Framingham, Mass.

Corporate Express is a business-to-business office supply company based in Amsterdam.

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