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Staples to launch $2.4 billion term loan on Wednesday morning
By Sara Rosenberg
New York, July 28 – Staples Inc. set a bank meeting for 10 a.m. ET in New York on Wednesday to launch its proposed $2.4 billion term loan, according to a market source.
UBS Investment Bank, Bank of America Merrill Lynch, Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC, RBC Capital Markets, Jefferies LLC, Fifth Third Bank, Goldman Sachs Bank USA, Citigroup Global Markets Inc., KKR Capital Markets and Natixis are the leads on the deal.
Proceeds will be used to help fund the buyout of the company by Sycamore Partners for $10.25 in cash per share of common stock. The transaction is valued at about $6.9 billion.
As part of the financing packaging, the company is also getting a $1.2 billion ABL facility for which Wells Fargo is the left lead, and has received a commitment for a $1.6 billion unsecured bridge loan for which Bank of America is the left lead.
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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