staples inc (SPLS) Key Developments
Staples, Inc. Closing Oak Creek Facility, Eliminating 53 Jobs
Feb 10 15
Staples Inc. announced that more than 50 workers will lose their jobs as the company's facility closes in Oak Creek. Over a roughly two-week period starting in April, 53 managers and associates will be terminated.
Staples, Inc. Enters into Senior Secured Term Loan Facility and Asset Based Revolving Credit Facility
Feb 4 15
Staples, Inc. announced that in connection with the merger agreement, the company entered into a debt commitment letter, dated as of February 4, 2015, with Bank of America, N.A., Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPFS) and Barclays Bank PLC (Barclays and together with Bank of America and MLPFS, collectively, the commitment parties), pursuant to which, among other things, the commitment parties have committed to provide the company with a senior secured term loan facility in an aggregate principal amount of $2,750,000,000 (term facility) and an asset based revolving credit facility in an aggregate principal amount of up to $3,000,000,000 (ABL facility) to finance, in part, the acquisition of Office Depot. The ABL facility will be secured by a first-priority security interest in the company's receivables, inventory and certain other general intangibles and investment property and a second-priority interest in substantially all the remaining assets of the company, including certain real property (term collateral). The term facility will be secured by a first-priority security interest in the term collateral and a second-priority interest in the ABL collateral. Availability under the ABL facility will be subject to a borrowing base derived from the ABL collateral. The financing, together with the company's cash on hand, will be sufficient to finance the aggregate cash consideration to Office Depot's stockholders and associated fees and expenses and to refinance certain existing company and Office Depot debt. Pursuant to the merger agreement, Office Depot has agreed to use reasonable best efforts to provide cooperation to the company in connection with the financing. The financing would replace the company's existing revolving credit facility.
Office Depot, Inc., Staples, Inc. - M&A Call
Feb 4 15
To discuss acquisition between Staples, Inc. and Office Depot, Inc
Staples Explores Strategic Options
Jan 20 15
Ronald L. Sargent, Chairman and Chief Executive Officer of Staples, Inc. (NasdaqGS:SPLS) announces that as we discussed in our recent meeting, we believe that the best way to maximize value for Staples' shareholders is through exploring and completing a business combination with Office Depot. For a variety of reasons, we believe that now is the right time to pursue such a transaction, and we urge you to immediately retain a reputable investment bank and legal advisors to assist the Board in evaluating, structuring and executing a transaction with Office Depot.
Staples, Inc. Announces Board Changes
Jan 14 15
On January 13, 2015, Robert C. Nakasone, Lead Independent Director, notified Staples, Inc. that he will retire from Staples' Board of Directors upon the end of his term at Staples' 2015 annual meeting of shareholders. The Board intends for Robert E. Sulentic to serve as Lead Independent Director, upon Mr. Nakasone's retirement. Mr. Sulentic, Chief Executive Officer of CBRE, Inc., joined the Staples Board in 2007 and currently serves as the Chair of the Audit Committee.