The ODP Corporation, a provider of business services, products and digital workplace technology solutions to businesses and consumers, amended and extended its existing asset-based credit facility. The amendment extends the maturity date to May 2029. The renewed $800 million facility includes certain more attractive credit terms and conditions, enhancing the company’s balance sheet and liquidity position to support future growth.
“The extension of our credit facility is a validation of our strong financial position and business model,” Gerry Smith, CEO of The ODP Corporation, said. “I want to thank our syndicate members for their strong support of our business and to our commitment to driving operational excellence throughout the enterprise.”
“The successful renewal of our asset-based credit facility includes improved credit terms and conditions and extends our maturity, providing ample liquidity to manage our growth and capital allocation plans,” Tim Perrott, vice president, investor relations and treasurer of The ODP Corporation, said. “We are thrilled to have the continued support of our financial partners as we continue to pursue our strategic objectives.”
The renewed credit facility was significantly oversubscribed with strong lender support, providing additional financial flexibility to grow the business and to enhance returns for shareholders.
According to a related 8-K filing, JPMorgan Chase Bank acted as administrative agent for the deal; Wells Fargo Bank, Bank of America and Truist Bank served as syndication agents; and Fifth Third Bank and U.S. Bank served as documentation agents.
