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Office Depot launches $500 million term B at Libor plus 525-550 bps
By Sara Rosenberg
New York, Nov. 9 – Office Depot Inc. launched on Friday its $500 million senior secured first-lien term loan B due November 2022 with price talk of Libor plus 525 basis points to 550 bps with a 1% Libor floor and a par issue price, according to a market source.
Proceeds will be used to reprice an existing term loan B down from Libor plus 700 bps with a 1% Libor floor.
Like the existing term loan B, the repriced term loan B has 101 hard call protection through Nov. 8, 2019 and amortization of 10% per annum, the source said.
Goldman Sachs Bank USA is the lead on the deal.
Commitments are due on Nov. 19, the source added.
Office Depot is a Boca Raton, Fla.-based provider of office supplies and business products and services.
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