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Non-Tech : CEXP -- Ignore unavailable to you. Want to Upgrade?

To: DHB who wrote (433)	12/22/1998 9:03:00 AM
From: Jason Rooks	Respond to of 488

Monday December 21, 12:11 pm Eastern Time Moody's affirms Corporate Express ratings (Press release provided by Moody's) NEW YORK, Dec 21 (Reuters) - Moody's Investors Service confirmed the rating of Corporate Express Inc.'s convertible notes at B3. Moody's also confirmed the Ba3 senior secured debt rating and the B2 senior subordinated debt rating of its operating subsidiary, CEX Holdings, Inc. The rating outlook on all debt remains negative. The senior implied rating of Corporate Express is B1. The basis of Moody's negative outlook has changed since it was first announced. The outlook was changed from stable to negative on November 5th, when Corporate Express announced that it continued to support its stock buyback program despite the weakening business environment, and was in discussion with a financial sponsor for a possible stock tender. More recently, Corporate Express announced that it does not intend to purchase stock at this time, and stated in an SEC filing that the transaction being evaluated with a financial sponsor would not raise the company's outstanding debt. The rating outlook remains negative, however, because of the demonstrated weakness and increased competitiveness in the market for business products and services, as well as the potential for increased leverage, the risks inherent in executing recently announced cost reduction plans, and the continuing uncertainty about future stock transactions. Corporate Express has announced plans to reduce excess infrastructure in line with lower expected growth plans. Moody's believes that the success of this business restructuring could be evident within the coming year. The ratings continue to reflect Corporate Express' high leverage and moderate debt service coverage. The ratings continue to be supported by the company's overall success at integrating businesses acquired over the last five years; its nationwide presence in the U.S. and increasing global presence, as well as the growing familiarity of its name to potential corporate customers. Moody's rates the following debt of Corporate Express: Corporate Express, Inc: $325 million convertible notes due 2000B3 CEX Holdings $350 million subordinated notes due 2008B2 $250 million senior secured loan due 2005Ba3 $750 million senior secured revolving credit facility due 2003Ba3 Corporate Express Inc., Headquartered in Broomfield, Colorado, is a provider of non-production goods and services to corporations. Moody's estimates that revenues will be about $4.5 billion for the year ending January 1999.

To: DHB who wrote (433)	12/22/1998 9:05:00 AM
From: Jason Rooks	Read Replies (1) \| Respond to of 488

Monday December 21, 6:00 pm Eastern Time Company Press Release SOURCE: Corporate Express, Inc. Corporate Express Subsidiary Completes Exchange Offer for 9 5/8% Senior Subordinated Notes Due 2008 BROOMFIELD, Colo., Dec. 21 /PRNewswire/ -- Corporate Express, Inc. (Nasdaq: CEXP - news), a leading supplier of goods and services to corporations that value innovative procurement solutions, today announced that CEX Holdings, Inc., its wholly-owned subsidiary, has accepted for exchange $350,000,000 principal amount of its 9 5/8% Series A Senior Subordinated Notes due 2008 for a like principal amount of its 9 5/8% Series B Senior Subordinated Notes due 2008. The exchange offer expired on December 15, 1998. Corporate Express operates in more than 600 worldwide locations, including more than 90 distribution centers, utilizes a fleet of more than 10,000 delivery vehicles, and employs more than 25,000 people in the United States, Canada, the United Kingdom, Ireland, Germany, Switzerland, France, Italy, Australia, and New Zealand. SOURCE: Corporate Express, Inc.