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WFCF Leads $2.2B in Credit Facilities for Acquisition of Staples, Inc. by Affiliates of Sycamore Partners

September 13, 2017, 08:02 AM
Filed Under: Retail

Wells Fargo Capital Finance, part of Wells Fargo & Company (NYSE:WFC), announced they acted as administrative agent, bookrunner, and syndication agent for several separate asset-based credit facilities totaling $2.2 billion in connection with the overall financing for the acquisition of Staples Inc. by affiliates of Sycamore Partners. The facilities supported the separate capitalization of Staples North American Delivery, Staples U.S. Retail and Staples Canada Retail.

Sycamore Partners, a private equity firm that specializes in retail and consumer product investments, announced at the end of June that it had agreed to acquire Staples, Inc.

“This was a rewarding deal to work on for Wells Fargo and especially those of us who are based in Boston. We all remember when Staples opened its first store here in Massachusetts. Being able to complete such an important financing for Sycamore Partners, which will allow them the financial flexibility to make strategic business decisions to support Staples’ long-term growth, is a great accomplishment for our team,” said Lynn Whitmore, managing director of the Retail Finance division at Wells Fargo Capital Finance.

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