| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers T > Headlines for Tenders > News item |
Staples wraps tenders for $295,000 more 9¾% notes since early tally
By Susanna Moon
Chicago, Feb. 5 - Staples, Inc. said it received tenders for another $295,000 of its outstanding 9¾% senior notes due 2014 since the early tender date.
The offer ended at 11:59 p.m. ET on Feb. 4, with settlement occurring on Feb. 5.
As previously reported, the company was tendering for up to $750 million of its $1.5 billion of the notes to reduce its interest expense and increase its financial flexibility.
The company received tenders for about $633 million of the notes by 5 p.m. ET on Jan. 18, the early tender date.
Holders who tendered their notes by the early tender date received $1,088.51, including a $30 early tender premium. The purchase price was set using the yield based on the bid-side price of the 1% U.S. Treasury note due Jan. 15, 2014p plus 50 basis points.
Settlement for early tendered notes occurred on Jan. 22.
Holders who tendered their notes after the early deadline received $1,058.51 per $1,000 principal amount of notes.
The company also paid accrued interest up to but excluding the settlement date.
If the amount of notes tendered exceeded $750 million, Staples would have prorated acceptance of the notes, as previously noted.
The offer was conditioned on the company securing enough funds to fund the tender offer. Staples priced $1 billion of senior notes in two $500 million tranches on Jan. 7, as reported by Prospect News.
Barclays (800 438-3242 or collect 212 528-7581) and Bank of America Merrill Lynch (888 292-0070 or collect 980 387-3907) were dealer managers. D.F. King and Co., Inc. (800 431-9643 or collect 212 269-5550) was the information agent and tender agent.
The office supply chain store is based in Framingham, Mass.
© 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.