OfficeMax Consolidates $760M in Credit Lines

NAPERVILLE, Ill.OfficeMax Inc. is amending two credit lines and consolidated them into a new $650 million revolving credit facility that expires in October 2016.

The two existing agreements included a $700 million U.S. credit facility and a $60 million Canadian facility ($59.1 million U.S.) that were set to expire in July 2012.

The office supply company said Friday that Wells Fargo Capital Finance, LLC; Merrill Lynch, Pierce Fenner & Smith Inc.; and J.P. Morgan Securities LLC are serving as joint lead arrangers.

There are currently no outstanding borrowings under the facility.

Last month OfficeMax lowered its third-quarter revenue outlook, citing soft back-to-school sales and weak technology sales. The Naperville, Ill., company has almost 1,000 stores.