FRAMINGHAM, Mass. -- (Business Wire)
Staples, Inc. (Nasdaq: SPLS) announced today that it has priced a
previously announced public offering of $500 million aggregate principal
amount of its Senior Notes due January 12, 2018, at 2.75 percent coupon,
and $500 million aggregate principal amount of its Senior Notes due
January 12, 2023, at 4.375 percent coupon. Interest on the notes is
payable in cash on a semi-annual basis. The offering is expected to
close on January 14, 2013, subject to customary closing conditions.
Staples expects to receive net proceeds, after the underwriting
discount, of approximately $993.8 million. The proceeds from the public
offering will be used to fund Staples’ previously announced debt tender
offer for up to $750 million aggregate principal amount of its
outstanding 9.750% Senior Notes due 2014, if consummated, as well as for
general corporate purposes.
Barclays Capital Inc., Deutsche Bank Securities Inc., J.P. Morgan
Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and
HSBC Securities (USA) Inc. are acting as joint book-running managers.
The public offering is being made pursuant to an effective shelf
registration statement on file with the U.S. Securities and Exchange
The offering of Senior Notes may be made only by means of a prospectus
and prospectus supplement. A copy of the prospectus and prospectus
supplement relating to the Senior Notes can be obtained from Barclays
Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island
Avenue, Edgewood, NY 11717, via telephone at 1-888-603-5847 or by
Deutsche Bank Securities Inc., attention: Prospectus Group, 60 Wall
Street, New York, NY 10005-2836, via telephone at 1-800-503-4611 or by
or J.P. Morgan Securities LLC, 383 Madison Avenue, New York, NY 10179,
attention: Investment Grade Syndicate Desk, or via telephone at
This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy, Staples’ Senior Notes or any other
securities, nor shall there be any sale of securities mentioned in this
press release in any state in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state.
Staples is the world’s largest office products company and second
largest internet retailer. The company provides products, services and
expertise in office supplies, copy & print, technology, facilities and
breakroom, and furniture. Staples invented the office superstore concept
in 1986 and now has annual sales of $25 billion, ranking second in the
world in eCommerce sales. With 88,000 associates worldwide, Staples
operates in 26 countries throughout North and South America, Europe,
Asia and Australia, making it easy for businesses of all sizes and
consumers. The company is headquartered outside Boston.
Certain information contained in this press release constitutes
forward-looking statements for purposes of the safe harbor provisions of
The Private Securities Litigation Reform Act of 1995, including the
statements regarding our intention to issue notes and our expected use
of proceeds. These statements relate to future events and can generally
be identified by words such as "expects" and "intends". Forward-looking
statements are inherently uncertain. The closing of the offering is
subject to a number of conditions, not all of which are within Staples'
control. There is no assurance that Staples will successfully complete
the offering or apply the proceeds of the offering as presently
intended. Actual results may differ materially from those indicated by
such forward-looking statements as a result of risks and uncertainties,
including but not limited to the factors discussed or referenced in our
most recent quarterly report on Form 10-Q filed with the SEC, under the
heading "Risk Factors" and elsewhere, any subsequent periodic or current
reports filed by us with the SEC and the preliminary prospectus relating
to the offering that we have filed with the SEC. In addition, any
forward-looking statements speak only as of the date such statements are
made. While we may elect to update forward-looking statements at some
point in the future, we specifically disclaim any obligation to do so.
Kirk Saville, 508-253-8530
Chris Powers/Kevin Barry
Source: Staples, Inc.
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