Staples private equity owners restructured the business into a delivery company, a US retail business and a Canadian retail firm. The current dividend recapitalization is being raised via the delivery business, which potentially makes the deal more attractive to investors wary of online retailers such as Amazon.
Although Staples specializes in office products, the delivery business does not have traditional retail exposure as it sells office supplies directly to large Fortune type companies, which avoids online competition, the banker familiar with the transaction said. The business that Sycamore bought was the distribution.
This is not a brick and mortar retail business.
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Any new debt package is expected to refinance existing leveraged loans with investment-grade debt. Existing high yield bonds could remain in place until expensive non-call provisions expire, or be removed from the structure to allow the newly merged entity to secure cheaper debt.
- Financing Package: Refinitiv's US$13.5bn loan and bond financing;
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Both loans had a 25bp step-down at 3. BAML was left lead on both the euro and dollar term loans. Loan investors are not happy at the prospect of being refinanced out of their investment so soon after the loans priced, as the large complex deal required a lot of work prior to commitments in late The loans were quoted at Energy-proofing your home: is it worth the money?
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