FRAMINGHAM, Mass.--(BUSINESS WIRE)--Staples, Inc. (NASDAQ: SPLS) announced that Arch Merger Sub Inc., a Delaware corporation, formed by funds managed by Sycamore Partners Management, L.P., in connection with the previously announced proposed acquisition of the Company by such funds, pursuant to the Agreement and Plan of Merger, dated as of June 28, 2017, by and among the Company, Arch Parent Inc., a Delaware corporation, and Merger Sub, in which Merger Sub will merge with and into the Company with the Company continuing as the surviving corporation, has priced an offering of $1 billion in aggregate principal amount of Senior Notes due 2025. The Notes will bear an interest rate of 8.500% per annum and will be issued at a price of 100% of the aggregate principal amount.

Consummation of the offering is subject to customary closing conditions, and is expected to occur on August 28, 2017. Merger Sub intends to use the proceeds from the offering of the Notes, together with borrowings under certain senior secured credit facilities (the “New Senior Secured Credit Facilities”) and the cash equity contributions of certain funds managed by Sycamore, to finance the consummation of a portion of the Merger attributable to the acquisition of the North American Delivery business of Staples and to pay related fees, costs and expenses.

About Staples, Inc.

Staples brings technology and people together in innovative ways to consistently deliver products, services and expertise that elevate and delight customers. Staples is in business with businesses and is passionate about empowering people to become true professionals at work. Headquartered outside of Boston, Mass., Staples, Inc. operates primarily in North America.