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Staples Obtains Financing to Buy Corporate Express

Framingham, Mass. Staples announced it has obtained a $3 billion credit agreement to finance its previously announced planned acquisition of Corporate Express. Corporate Express, based in Amsterdam, is a global supplier of office products.

Financing for the credit agreement was arranged by Lehman Brothers, Bank of America and HSBC Bank USA. In its prepared statement, Staples noted that the $3 billion together with its cash reserves and existing revolving credit facility are sufficient to finance the acquisition of Corporate Express.