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Staples is said to be working on a near-term debt refinancing package, as per sources. They noted that a package including both bonds and bank loans is possible as early as next week. The exact details were not outlined yet. The company has over $6bn in debt, including a ~$300mn loan maturing in 2024 and over $5bn due in 2026. The company last year noted that it had liquidity to address the 2024 loan. Earlier in February, Moody’s revised Staples’ outlook to negative from stable, affirming its B3 rating.
Staples’ bonds were trading weaker with its 10.75% 2027s down 1 point to 96.1, yielding 12.34%.
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