Office Depot gets $1.25 billion asset-based revolver

By Sara Rosenberg

New York, Sept. 26 - Office Depot Inc. closed on a new $1.25 billion asset-based revolving credit facility on Friday, according to an 8-K filed with the Securities and Exchange Commission.

JPMorgan acted as the administrative agent on the deal, with Bank of America the syndication agent, and Citibank Wachovia Bank and General Electric Corp. the documentation agents.

Proceeds were used to replace the company's previous $1 billion revolver.

At close, $365 million was drawn under the new facility and $135 million was used for letters of credit.

Office Depot is a Delray Beach, Fla.-based supplier of a range of office products and services.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.