Daily News: September 13, 2017

Wells Fargo, UBS Provide $4.1B Financing to Staples


Office supply retailer Staples entered into an asset-based loan (ABL) agreement and a term loan credit agreement providing for a total of $4.1 billion.

According to a related 8-K filing, Wells Fargo served as administrative agent, collateral agent, swingline lender and L/C issuer for the $1.2 billion ABL agreement. UBS Stamford branch served as administrative agent, collateral agent, swingline lender and L/C issuer for the $2.9 billion term loan facility.

In conjunction with the new financing, Staples also delivered a notice of prepayment and termination pursuant to its November 22, 2016 credit agreement with Bank of America as administrative agent, lender and swing line lender, to repay the outstanding obligations and terminate the outstanding revolving commitments.