Officemax -- serving millions of customers weekly

Officemax - OfficeMax is a world front runner in both business-to-business office product solutions and retail office products. 

The company provides office supplies and paper, technology products and solutions, and furniture to large, medium and small businesses and consumers. OfficeMax customers are served by more than 40,000 associates through direct sales, catalogs, Internet and nearly 1,000 superstores. More and more outlets are opening all of the time to better servce customers.

Recently, OfficeMax announced that it was to join forces with the giant Boise Cascade Corporation under the OfficeMax Incorporated banner in a new company formed by Madison Dearborn.

George J. Harad, executive chairman of OfficeMax said the merger establishes OfficeMax as a strong, independent company in the office products distribution business.

Chris Milliken, president, chief executive officer, and a director of OfficeMax, said, "officeMax will strive to be the leading provider of office products and services through a relentless focus on our customers. We will succeed by providing our customers with an unparalleled customer experience in service, in product, in time savings, and in value.”

Under the $3.7 billion deal, OfficeMax will initially realize approximately $2.0 billion in cash and timberland installment notes of $1.65 billion.

OfficeMax expects to monetize approximately 90% of the timberland notes over the forty-five to sixty days following the impending sale. After allowing for its $175 million investment in Boise Cascade, LLC, and its affiliates and transaction-related settlements, net cash proceeds should total approximately $3.2 billion.

Through debt repurchases and retirements, OfficeMax is expected to reduce its balance sheet debt to between $250 million and $300 million over the coming months. As of November 2004, the company had repaid $588 million of bank debt. And OfficeMax expects to repurchase approximately $1 billion of its public debt securities when it completes its current debt tender offer, which is currently set to expire.

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