Staples obtains funding for Corporate Express

FRAMINGHAM, Mass. Staples reported April 1 that it has obtained financing for its planned public offer for Corporate Express N.V. Staples has entered into a definitive $3 billion credit agreement with financing arranged by Lehman Brothers, Bank of America and HSBC Bank USA.

This $3 billion financing, together with its cash reserves and existing revolving credit facility, are sufficient to finance Staples' acquisition of Corporate Express and enable Staples to proceed with its previously announced public offer for all the outstanding ordinary shares and American depositary shares ("ADS") issued by Corporate Express for a price of EUR 7.25 per ordinary share and ADS, the company reported.

Om March 18, Staples confirmed its interest in making an offer to purchase the outstanding shares of Corporate Express.