Office Depot firms $500 million term loan B at Libor plus 525 bps

By Sara Rosenberg

New York, Nov. 20 – Office Depot Inc. finalized pricing on its $500 million senior secured first-lien term loan B (Ba3/BB-) due November 2022 at Libor plus 525 basis points, the low end of the Libor plus 525 bps to 550 bps talk, according to a market source.

The term loan still has a 1% Libor floor, a par issue price, 101 hard call protection through Nov. 8, 2019 and amortization of 10% per annum.

Goldman Sachs Bank USA is the lead on the deal.

Proceeds will be used to reprice an existing term loan B down from Libor plus 700 bps with a 1% Libor floor.

Closing is expected on Wednesday, the source added.

Office Depot is a Boca Raton, Fla.-based provider of office supplies and business products and services.

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