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The deal, if successful, would bring together two of the biggest names in the sector and place the remnants of the old OfficeMax of Naperville under a new flagship.
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TORRANCE, Calif., April 19, 2021 /PRNewswire/ WASH Multifamily Acquisition Inc. (the Company ) announced today the closing of its previously announced offering of $850 million aggregate principal amount of 5.750% senior secured notes due 2026 (the Notes ). The Notes are guaranteed by WASH Multifamily Parent Inc., the direct parent company of the Company, and the Company s wholly-owned domestic restricted subsidiaries that guarantee the Company s new super senior secured revolving credit facility (the New Revolving Credit Facility ). The Notes and the guarantees are secured on a pari passu basis with the collateral securing such New Revolving Credit Facility, subject to the prior payment of such New Revolving Credit Facility from proceeds of the collateral. The Notes will mature on April 15, 2026.
It follows ODP s March 15 stated rejection of Staples latest offer.
Apr 1st, 2021
USR Parent
FRAMINGHAM, MA USR Parent, Inc. (Staples) announced Wednesday that, in light of the March 15 public announcement made by the board of directors of The ODP Corporation (Office Depot) indicating that ODP would be open to the potential sale of certain of ODP s assets, Staples will evaluate all alternatives in its pursuit of ODP, including, but not limited to, all of ODP or certain select assets, which may include ODP s retail and consumer-facing business, its business operations in Canada and certain other assets. Accordingly, Staples has decided to defer the March 2021 launch of a tender offer for ODP s common shares. Staples reserves the right to commence a tender offer for ODP s common shares in the future.
By Reuters Staff
2 Min Read
(Reuters) - ODP Corp said on Monday it had rejected a proposal from Staples to acquire some assets of the Office Depot and OfficeMax owner, adding that the offer lacked basic deal terms including a purchase price.
The proposal from office supplies retailer Staples, owned by buyout firm Sycamore Partners, did not include a valuation of the assets that it sought to acquire or any commitment by Staples to complete the deal, according to ODP.
In January, ODP rejected bigger rival Staples’ more than $2 billion takeover offer and instead proposed merging only the consumer-focused retail operations of ODP and Staples to avoid regulatory scrutiny.