Office Depot tenders for up to $250 million of 6¼% notes due 2013

By Susanna Moon

Chicago, Feb. 17 - Office Depot, Inc. said it began a cash tender offer to purchase up to $250 million principal amount of its outstanding $400 million of 6¼% senior notes due 2013.

The total payment will be $1,050 for each $1,000 principal amount of notes tendered by 5 p.m. ET on March 2, the early tender date. The total purchase price includes a premium of $30.00 per $1,000 of notes.

The offer will end at midnight ET on March 16.

Holders also will receive accrued interest to but not including the settlement date, which is expected to be March 3 for the notes tendered by the early deadline and March 19 for any tendered notes after the early date.

If the amount of notes tendered exceeds the offer cap, the notes will be purchased on a prorated basis.

Tendered notes may be withdrawn by the early tender deadline.

Citigroup Global Markets Inc. (800 558-3745 or collect at 212 723-6106) and Bank of America Merrill Lynch (888 292-0070 or collect at 646 855-3401) are dealer managers for the tender offer. Global Bondholder Services Corp. (866 470-3900 or 212 430-3774) is the depositary and information agent.

The tender offer is conditioned on completion of a debt financing sufficient to help fund the tender offer. Office Depot also will use borrowings under the company's senior secured asset-based revolving credit facility.

Office Depot is a Boca Raton, Fla.-based supplier of office products and services.

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