Staples says Barclays to assume Lehman obligations

Tue Sep 30, 2008 4:00pm BST

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NEW YORK (Reuters) - Staples (SPLS.O), the world's largest office products retailer, said on Tuesday Barclays (BARC.L) will assume credit agreements made with Lehman Commercial Paper Inc. that financed the purchase of Corporate Express.

Staples said Barclays has entered into an agreement with Lehman CPI to assume outstanding rights and obligations it had as lender under Staples' $3 billion (1.67 billion pounds) credit agreement.

Barclays also assumed Lehman CPI's role as lender of a $750 million revolving credit agreement and $400 million term loan, Staples said.

Staples purchased Dutch rival Corporate Express in June.

British bank Barclays paid $1.75 billion for investment bank Lehman Brothers (LEHMQ.PK) in September, following Lehman's bankruptcy filing after it collapsed under the weight of toxic assets, mainly related to real estate.

(Reporting by Sarah Coffey, editing by Dave Zimmerman)

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