Staples Initiates $2.35 Billion Bond Sale to Address Debt Load. (no comment from Sycamore Partners)

Tonernews.com, May 20, 2024. USA

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Staples Initiates $2.35 Billion Bond Sale to Address Debt Load.
Staples Inc., the well-known office supply store, has embarked on a significant financial maneuver. The company aims to manage its existing debt load by selling $2.35 billion in bonds. This move comes after Staples proposed a bond swap with its creditors.

Bond Offering: Staples is currently marketing bonds that will mature in approximately 5 years. Yield: These bonds may yield as much as 10.75%. Lead Bank: JPMorgan Chase & Co. is spearheading the bond sale. Investor Call: An investor call is scheduled for 11 a.m. on Monday.

Staples Inc. is backed by Sycamore Partners. The bond sale is part of the company’s efforts to refinance existing borrowings and strengthen its financial position.

Earlier, Staples launched an offer to exchange shorter-term bonds with longer-dated notes. Investor demand for risky debt has been strong recently, with high-yield bond sales reaching their highest levels since 2021. Staples currently has more than $7.5 billion in outstanding debt, including a huge term loan due in September 2024.
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May 20, 2024 at 5:56 PM

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