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Staples Inc’s bonds jumped higher by 4-5 points on release of preliminary Q3 earnings, which came out better than markets had expected. While revenue for 3Q 2023 came in the range of $2.55-$2.56bn, compared to $2.64bn last year, gross profit for the quarter came at $565-570mn vs. $534mn last year. In tandem with the preliminary results, the company said that it plans to refinance near-term maturities in 2H 2024 once it reaches a debt-to-EBITDA ratio of around 5.5x. Also, during a prior earnings call in April, the company had mentioned that it had sufficient liquidity to repay a ~$300mn loan due in 2024.
Its 7.5% 2026s rose 5 points to 87.5 cents on the dollar, yielding 13.9 %.
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