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OFFICE DEPOT SELLS LIQUID YIELD OPTION(TM) NOTES; NET PROCEEDS OF APPROXIMATELY $160 MILLION

 DELRAY BEACH, Fla., Oct. 26 /PRNewswire/ -- Office Depot, Inc. (NYSE: ODP) has sold its previously announced offering of Liquid Yield Option Notes ("LYONs(TM)") due 2008 ((TM)Trademark of Merrill Lynch & Co., Inc.), David I. Fuente, Office Depot's chairman and chief executive officer, announced today. The offering was increased from $250 million face value to $300 million (resulting in approximately $160 million of net proceeds). The offering may also be increased by up to 15 percent to cover over-allotments, if any. Proceeds from the sale will be used to repay outstanding debt, finance the company's expansion and related working capital requirements.
 The LYONs(TM), zero coupon subordinated notes, convertible into Office Depot common stock, were initially priced at $552.07 for each $1,000 of face value with a yield to maturity of 4 percent. Each LYON(TM) is convertible into Office Depot common stock at a conversion rate of 14.156 shares per LYON(TM). The LYONs(TM) are non-callable for seven years.
 The offering was underwritten by Merrill Lynch & Co.
 Office Depot, with 316 stores in 33 U.S. states and 14 stores in four Canadian provinces, operates the largest chain of high-volume retail office supply stores in North America.
 -0- 10/26/93
 /CONTACT: Barry Goldstein, executive vice president/CFO, 407-265-4237, or Gary Schweikhart, public relations manager, 407-265-4399, both of Office Depot/
 (ODP)


CO: Office Depot, Inc. ST: Florida IN: REA SU: OFR

JB-JV -- FL001 -- 6750 10/26/93 09:12 EDT
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Publication:PR Newswire
Date:Oct 26, 1993
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