January 08, 2013 at 16:15 PM EST
TEXT-S&P rates Staples' senior unsecured notes 'BBB'
Overview -- Office supplies retailer Staples Inc. announced that it will tender for up to $750 million of its 9.75% notes due in January 2014 and will fund the offer with proceeds from a $1 billion senior unsecured note issuance. -- On a pro forma basis, we expect the transaction to modestly increase debt leverage, but also lower cash interest costs. -- While the company's profits were down in the third quarter, its domestic business showed signs of stability, which we expect
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