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Staples plans new debt financing for buyout by Sycamore Partners
By Sara Rosenberg
New York, June 28 – Staples Inc. plans on getting new debt financing to help fund its acquisition by Sycamore Partners, according to a news release.
UBS Investment Bank, Bank of America Merrill Lynch, Deutsche Bank, Credit Suisse, RBC, Jefferies, Wells Fargo Bank and Fifth Third Bank are providing the debt.
Under the agreement, Staples is being bought for $10.25 per share in cash per share of common stock. The transaction is valued at about $6.9 billion.
Closing is expected no later than December, subject to customary conditions, including the receipt of regulatory and stockholder approval. The transaction is not subject to a financing condition.
Staples is a Framingham, Mass.-based retailer of office supplies.
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