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OFFICE DEPOT INCREASES OFFER PRICE FOR EASTMAN, INC. NOTES

 DELRAY BEACH, Fla., Aug. 9 /PRNewswire/ -- Office Depot, Inc. (NYSE: ODP) today announced that the company has increased the offering price pursuant to its previously announced offer and consent solicitation for $90 million aggregate principal amount of 13 percent Series B Senior Subordinated Notes due 2002 of Eastman, Inc. ("Eastman") in connection with the company's previously announced acquisition of Eastman Office Products Corporation, the parent of Eastman ("EOPC").
 The company also announced that it has waived the condition to the consummation of the acquisition that the company acquire a majority in principal amount of the outstanding Notes. As a result, upon fulfillment of other conditions to the acquisition, the acquisition will be consummated even if no notes have been acquired by the company.
 Under the amended terms of the offer, the price noteholders will receive increased from 114 percent to 122.5 percent of the principal amount of their Notes, plus accrued interest, and noteholders will receive a payment of 3 percent of the principal amount for consents to certain proposed amendments to the indenture governing the Notes. The offer and consent solicitation is conditioned upon execution of a supplemental indenture providing for the proposed amendments to the indenture, the consummation of the principal components of the acquisition of EOPC and certain other conditions.
 The offer and consent solicitation will expire at midnight on
Friday, Aug. 20, 1993, unless extended by the company. A supplement to the tender offer documents setting forth the amended and supplemented terms and conditions of the offer and consent solicitation is being mailed to noteholders today.
 Merrill Lynch & Co. is acting as dealer manager for the offer and consent solicitation, D.F. King & Co., Inc. is acting as information agent and Shawmut Bank Connecticut, National Association, is acting as depositary.
 Any questions or requests for copies of the tender offer documents may be directed to the information agent at 212-269-5550 or the dealer manager at 212-449-8362.
 Office Depot is the largest office products superstore chain in North America.
 -0- 8/9/93
 /CONTACT: Barry J. Goldstein, executive vice president and CFO of Office Depot, Inc., 407-265-4237/
 (ODP)


CO: Office Depot, Inc.; Eastman Office Products Corporation ST: Florida IN: REA SU: TNM OFR

AW-CM -- FL003 -- 0627 08/09/93 09:08 EDT
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Publication:PR Newswire
Date:Aug 9, 1993
Words:376
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