Latham & Watkins Advises on Staples, Inc.’s Successful Completion of Refinancing

Staples, Inc. has announced it has successfully completed a comprehensive debt refinancing, resulting in a reduction of the company’s outstanding debt and an extension of its maturities to over five years. These actions have positioned Staples to further extend its leadership position as the country’s leading distributor of workspace products and logistics services. In connection with the refinancing transactions, Latham advised on a US$2.375 billion senior secured notes offering, an exchange offer for any and all of the company’s outstanding 10.75% senior notes due 2027, as well as the refinancing of the company’s term loan.

Latham & Watkins LLP represented the initial purchasers in the senior secured notes offering, the dealer managers in the exchange offer, and the lenders in the term loan refinancing with a capital markets team led by New York partners Stelios Saffos, Michael Benjamin, and Andrew Baker, with associates Hana Nah, Angel Marcial, Nick Gonzalez, Erin Gilgen, Alex Gulino, and Emma Gilmore. Advice was also provided on banking matters by Los Angeles partners Jason Bosworth and Josh Holt, with associates Thomas Alcorn and Yesenia Barberena; on tax matters by New York partner Eric Kamerman; on data privacy matters by Bay Area partner Rob Blamires, with associate Kiara Vaughn; on restructuring matters by New York partner David Hammerman, with associate Jonathan Gordon; and on compensation and benefits matters by New York partner Bradd Williamson and New York counsel Rifka Singer.