Staples announced that it has obtained financing for its planned public offer for Corporate Express N.V. Staples has entered into a definitive $3 billion credit agreement (the "Credit Agreement") with financing arranged by Lehman Brothers Inc., Bank of America and HSBC Bank USA. This $3 billion financing, together with its cash reserves and existing revolving credit facility, are sufficient to finance Staples' acquisition of Corporate Express and enable Staples to proceed with its previously announced public offer for all the outstanding ordinary shares and American depositary shares ("ADS") issued by Corporate Express for a price of EUR 7.25 per ordinary share and ADS.
This announcement is made pursuant to the provisions of Section 7 paragraph 4 of the Dutch Decree on Public Takeover Bids (Besluit openbare biedingen Wft, the "Decree"). With reference to Section 7 paragraph 4 of the Decree, Staples herewith confirms that it will finance acceptances under the Offer through a combination of the Credit Agreement, cash reserves and available credit under its existing revolving credit facility. There are no conditions precedent to funding, other than customary conditions set forth in the Credit Agreement. Staples has no reason to believe that these conditions precedent under the Credit Agreement will not be satisfied on or prior to closing of the Offer.
