The ODP Corporation Renews and Extends Existing Asset-Based Credit Facility
May 09 2024 - 8:51AM
Business Wire
$800 Million Facility Strengthens Financial
Position By Providing More Attractive Credit Terms &
Flexibility Preserving Strong Liquidity Position
Extends Facility Maturity Date to May 2029
The ODP Corporation (NASDAQ:ODP) (“ODP,” or the
“Company”), a leading provider of business services, products and
digital workplace technology solutions to businesses and consumers,
today announced that it has amended and extended its existing
asset-based credit facility. The amendment extends the maturity
date to May 2029. The renewed $800 million facility includes
certain more attractive credit terms and conditions, enhancing the
company’s balance sheet and liquidity position to support future
growth.
“The extension of our credit facility is a validation of our
strong financial position and business model,” said Gerry Smith,
chief executive officer of The ODP Corporation. “I want to thank
our syndicate members for their strong support of our business and
to our commitment to driving operational excellence throughout the
enterprise.”
“The successful renewal of our asset-based credit facility
includes improved credit terms and conditions, and extends our
maturity, providing ample liquidity to manage our growth and
capital allocation plans,” said Tim Perrott, vice president,
investor relations and treasurer of The ODP Corporation. “We are
thrilled to have the continued support of our financial partners as
we continue to pursue our strategic objectives.”
The renewed credit facility was significantly oversubscribed
with strong lender support, providing additional financial
flexibility to grow the business and to enhance returns for
shareholders.
About The ODP Corporation The ODP Corporation
(NASDAQ:ODP) is a leading provider of products and services through
an integrated business-to-business (B2B) distribution platform and
omnichannel presence, which includes world-class supply chain and
distribution operations, dedicated sales professionals, a B2B
digital procurement solution, online presence and a network of
Office Depot and OfficeMax retail stores. Through its operating
companies Office Depot, LLC; ODP Business Solutions, LLC; Veyer,
LLC; and Varis, Inc., The ODP Corporation empowers every business,
professional, and consumer to achieve more every day. For more
information, visit theodpcorp.com.
ODP and ODP Business Solutions are trademarks of ODP Business
Solutions, LLC. Office Depot is a trademark of The Office Club,
LLC. OfficeMax is a trademark of OMX, Inc. Veyer is a trademark of
Veyer, LLC. Varis is a trademark of Varis, Inc. Grand&Toy is a
trademark of Grand & Toy, LLC in Canada. Any other product or
company names mentioned herein are the trademarks of their
respective owners.
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version on businesswire.com: https://www.businesswire.com/news/home/20240509097311/en/
Tim Perrott Investor Relations 561-438-4629
Tim.Perrott@theodpcorp.com
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