S&P affirms Office Depot loan

S&P said it affirmed the B+ issue-level rating on Office Depot Inc.'s proposed $750 million senior secured term loan in light of the facility's repricing, accelerated amortization and shortened tenor.

The recovery rating remains 2, indicating an expectation for substantial (70%-90%; rounded estimate: 80%) recovery for term loan lenders in the event of a payment default.

The B corporate credit rating and negative outlook remain.

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