Office Depot (ODP) Announces $350 Million Preferred Stock Investment by BC Partners
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Office Depot, Inc. (NYSE: ODP) announced that funds advised by BC Partners, a leading international private equity firm, had invested $350 million in the Company by purchasing approximately $275 million of the Company's newly created 10% Series A Redeemable Convertible Perpetual Preferred Stock and approximately $75 million of the Company's newly created 10% Series B Redeemable Conditional Convertible Perpetual Preferred Stock. The transaction closed this morning with the completion of the sale of the preferred shares to funds advised by BC Partners and the corresponding receipt of proceeds by Office Depot. Office Depot will use the proceeds for general corporate purposes.
The Series A Preferred is immediately convertible into shares of the Company's common stock at a conversion price of $5.00 per share (subject to a conversion cap). This conversion price represents a 32% premium to the closing price of $3.79 per share on Monday, June 22, 2009, and a 55% premium to the 60-day average closing price of $3.23 per share.
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