According to an 8K filed with the SEC, JPMorgan Chase served as administrative agent on the refinancing of Office Depot’s existing asset-based credit facility, which now consists of a $1.2 billion revolving credit facility and a $100 million first-in, last-out facility.
Reuters reported that retailer Office Depot may revise the terms of its $750 million deal supporting the company’s $1 billion acquisition of CompuCom because of investor uneasiness in the retail sector.
The merger agreement between Staples and Office Depot has been terminated. Simultaneously, JPMorgan Chase and Wells Fargo arranged a $1.2 billion five-year credit facility for Office Depot.
Reuters reported that Staples’ $2.75 billion term loan backing the acquisition of Office Depot will remain in place despite a complaint filed by the FTC on antitrust concerns.
Simpson Thacher announced that it is representing Office Depot in connection with the announced merger with OfficeMax. The transaction is expected to close by year-end 2013.
SD Retail Consulting named Farla Efros as EVP and chief operating officer. Efros previously served as EVP and chief merchandising officer at Office Depot, SVP of Performance Improvement at an international consulting firm and as partner at The Partnering Group.