March 25, 2009
Staples Prices Offering At $500M
By Matthew L. Brown
Staples Inc. of Framingham has priced its anticipated public offering of senior notes at $500 million and carrying an interest rate of 7.75 percent.
The notes come due April 1, 2011.
The offering is expected to close Friday. The company said it expects proceeds of about $497.5 million, which will be used to pay debt related to its commercial paper program and for general corporate purposes.
For its fiscal year ended January 31, Staples reported net income of $805 million on revenue of $23.1 billion. The company reported net income of $995.7 million on revenue of $19.4 billion for the previous fiscal year. Executives called 2008 "the most challenging year in our company's history."
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