Staples Bonds Jump Following Debt Exchange, Refinance Plans (1)

Staples dollar bonds outperformed Friday, climbing after the office-supply retailer unveiled a plan to exchange notes and use a new loan to pay off other borrowings.

• Its 10.75% bond due 2027 gained 2.25 cents to 92.25 cents on the dollar as of 12:19pm in New York, according to data from Trace
• Firm’s 7.5% note due 2026 rose 1.25 cents to 99.25 cents, on pace for a fresh two-year high
• NOTE: Staples’ plan include exchanging the 2027 senior bond with a 12.75% junior lien secured note due in 2030, as well as paying off the 2026 bond and several credit facilities ...