Staples Said to Extract Cheaper Rate as Demand For Loans

Staples Inc. is poised to save about $2 million annually after reducing the rate on a $2.75 billion loan that will finance its purchase of Office Depot Inc.

The company may pay as little 2.75 percentage points more than the London interbank offered rate on the six-year loan, with a 0.75 percent minimum on the lending benchmark, according to a person with knowledge of the deal. That’s as much as 0.75 percentage point less than initially proposed, said the person, who asked not to identified because the information isn’t public.