Office Depot Refinancing to Save Company $90M Amid Health Crisis, It Says
Office Depot refinanced an existing credit agreement with a $1.3 billion asset-based credit facility maturing in April 2025, it said Monday. Upon closing, the retailer borrowed $400 million to repay the remaining $388 million balance on a term loan and…
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$66 million in other debt, it said. The company expects annual cash interest and amortization savings of nearly $90 million. The actions “simplify our balance sheet and reinforce our liquidity position as we navigate the current environment created by the recent global health crisis,” said CEO Gerry Smith.