Staples Selling Senior Notes, Paying Down Debt

Framingham, Mass. Staples Inc. said Monday it will sell debt to reduce its outstanding commercial paper loans, its 2008 credit agreement and its revolving credit facility.

The company did not provide details about how much debt it would sell or what the yield on the debt would be, saying that the offering will be made only by prospectus and prospectus supplement.

The company registered with the Securities and Exchange Commission in December to sell an indeterminate amount of senior unsecured debt at indeterminate prices. The debt will rank equally with other unsecured debt, according to the registration.

In December, the company also said it voluntarily reduced the total commitment under its existing credit agreement to $2.75 billion from $3 billion.