...NEW YORK (S&P Global Ratings) Nov. 3, 2017--S&P Global Ratings affirmed its 'B+' issue-level rating on U.S.-based office-supplies provider Office Depot Inc.'s proposed $750 million senior secured term loan in light of the facility's repricing, accelerated amortization, and shortened tenor. The recovery rating remains '2', indicating our expectation for substantial (70%-90%; rounded estimate: 80%) recovery for term loan lenders in the event of a payment default. Our 'B' corporate credit rating and negative outlook on Office Depot are unchanged from our research update published on Oct. 18, 2017. RECOVERY ANALYSIS Key analytical factors + We affirm our 'B+' issue-level and '2' recovery ratings on the proposed $750 million senior secured term loan. The '2' recovery rating reflects our expectations for substantial (70%-90%; rounded estimate: 80%) recovery of principal for term loan lenders in the event of a payment default. + Our simulated default scenario contemplates a default in 2020, because...
