S&P lifts Office Depot loan

S&P said it raised its issue-level rating on Office Depot Inc.'s senior secured term loan due 2022 to BB- from B+ and revised the recovery rating to 1 from 2, reflecting very high (90%-100%; rounded estimate: 90%) recovery in the event of a payment default.

“We raised our rating on the senior secured term loan because Office Depot plans to reprice the loan and make a substantial voluntary repayment of about $200 million, which will reduce the outstanding balance to $500 million,” the agency said in a news release.

“All of our other ratings on the company remain unchanged.”

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