STAPLES NEEDS TO BORROW $500Million !

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STAPLES NEEDS TO BORROW $500Million !

 user 2009-04-03 at 12:41:02 pm Views: 86
  • #21905
    http://www.forbes.com/feeds/ap/2009/03/24/ap6207370.html
    Staples plans public offering of senior notes
    Staples
    Inc. said Tuesday that it plans to make a public offering of $500
    million of its senior notes to repay company debt.The office supply
    company said it plans sell the notes at a 7.75 percent coupon due April
    1, 2011Staples  said the offering is expected to close on March 27. The
    Framingham, Mass.-based company said it expects to see $497.5 million
    in proceeds from the offering. It plans to use the proceeds to repay
    its outstanding debt related to its commercial paper program, as well
    as for general corporate purposes.Barclays Capital Inc., Banc of
    America Securities and HSBC Securities are acting as joint bookrunning
    managers.Shares of the company fell 40 cents, or 2.2 percent, to close
    at $17.64.