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Recovery Report: Office Depot Inc.'s Recovery Rating Profile Mar 12

  • ID: 2084271
  • March 2012
  • Standard & Poors
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Standard & Poor's Ratings Services has completed a review of the recovery and issue-level ratings assigned to the Boca Raton, Fla.-based Office Depot Inc. following the announced issuance of $250 million in senior secured notes. The company will use the proceeds from the issuance to partly pay down the existing senior notes. Our recovery analysis simulates a default occurring in 2013, a result of a meaningful decline in retail and business solution profitability. Office Depot's pro forma capital structure consists of an unrated $1 billion asset based revolving (ABL) credit facility due 2016, $250 million senior secured notes due 2019, $150 million senior notes maturing in 2013, $248 million in capital leases, and $18.8 million in other debt. The unrated...

Companies mentioned in this report are: Office Depot Inc.

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Full Analysis

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Office Depot Inc.

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