Abercrombie plans to refinance $500 million in credit
New Albany, Ohio – Abercrombie & Fitch Co. has initiated a process to refinance $500 million in existing credit facilities to two new facilities worth a total of $750 million. Proceeds are expected to be used to pay off a remaining $131.5 million balance and outstanding borrowings of $60 million related to existing credit facilities, and to pay related fees and expenses associated with the transaction.
The existing credit facilities consist of a $350 million unsecured revolving credit facility maturing July 2016 and a $150 million Term Loan A maturing February 2017. The new credit facilities are expected to consist of a $400 million asset-based revolving credit facility and a $325 million Term Loan B maturing five and seven years after the closing date, respectively.
The balance of the proceeds will be used for general corporate purposes, including potential share repurchases in accordance with the company’s previously announced stock repurchase authorizations.
“The proposed refinancing we have initiated is an opportunity for A&F to take advantage of current favorable credit markets, and increase financial flexibility for the company in the future,” said Everett Gallagher, treasurer of Abercrombie & Fitch Co.
Bed Bath & Beyond proposes unsecured senior notes offering
Union, N.J. – Bed Bath & Beyond Inc. intends to offer, subject to market and other conditions, senior unsecured notes due 2024, senior unsecured notes due 2034 and senior unsecured notes due 2044 under a shelf registration on file with the Securities and Exchange Commission. Bed Bath & Beyond intends to use the proceeds from this offering for share repurchases of its common stock and for general corporate purposes.
J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC are acting as joint book-running managers.
Office Depot expands Samsung offerings
A range of new Samsung brand smart printers and tablet computers are being added to the product mix at Office Depot and OfficeMax stores following an expanded partnership between the retailer and consumer electronics company.
Office Depot, the operator of more than 2,000 stores formed as a result of the merger between Office Depot and OfficeMax, said the expanded relationship with Samsung is intended to meet consumers’ need for cutting-edge mobile lifestyles. Accordingly, Samsung created a range of printer options with Near Field Communication (NFC) technology that makes wireless printing as simple as tapping a smartphone or tablet to connect the printer.
"A partnership with Samsung is a perfect pairing, and more importantly, a natural extension to our long-standing commitment to offering the best and most innovative products," said Randy Wick, SVP of merchandising for Office Depot. "In addition to providing high-quality products, we strive to help streamline the fast-paced lives of our customers, especially small to medium-sized business owners, with technology that can simplify their everyday tasks."
New Samsung Smart printers available at Office Depot and OfficeMax stores include models costing $399, $299, $209 and $129. The most expensive model, the Multifunction Xpress C460FW, offers four in one functionality in a small footprint and one-touch wireless set up.
In addition to the exclusive Samsung printers, Office Depot and OfficeMax will also add Samsung’s two newest Galaxy Tab S tablets to its offerings. Available in 8.4 and 10.5-inch screens for $399 and $499 both models feature super high resolution displays, multiwindow functionality that allows for side by side usage of apps, extreme power saving mode and fingerprint scanners.